Solar Stocks Are Getting Powered Up - Read Why

  • Canadian Solar Inc CSIQ agreed to divest a 70% stake in its 738 MWp solar projects, Marangatu and Panati-Sitia, to SPIC Brasil.
  • SPIC Brasil is a power generation company in Brazil.
  • The Marangatu and Panati-Sitiá projects covered an area of 2,200 hectares.
  • Both projects likely begin construction in late 2022 and reach commercial operation in late 2023.
  • Marangatu and Panati-Sitiá will likely be two of Brazil's largest solar power plants and generate clean electricity equivalent to powering over 900,000 households in Brazil annually.
  • In the meantime, President Joe Biden looks to waive the tariff on solar panels for two years from four Southeast Asian nations after an investigation barred imports and hindered projects in the U.S., Reuters reports.
  • The White House aims to increase domestic solar manufacturing capacity to 22.5 gigawatts by 2024, or three times the manufacturing capacity when the president took office, Barron's reports.
  • Biden seeks to ease concerns about companies having to hold billions of dollars in reserves to pay potential tariffs.
  • Recently the Commerce Department made a months-long investigation into whether imports of solar panels from Cambodia, Malaysia, Thailand, and Vietnam dodge tariffs on goods made in China.
  • SolarEdge Technologies, Inc SEDG shares traded higher by 4.41% at $311.50 in the premarket on the last check Monday. Enphase Energy, Inc ENPH shares traded higher by 4.74% at $205.65. SunPower Corp SPWR shares traded higher by 7.13% at $19.69. Sunrun Inc RUN shares traded higher by 9.19% at $29.24.
  • Price Actions: CSIQ shares traded higher by 7.04% at $35.43 in the premarket on the last check Monday.
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