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Solar and other alternative energy shares ripped higher Tuesday, as the French government said it plans to more than double its renewable power capacity by 2035, bringing unprecedented amounts of solar and wind power online to become carbon neutral by 2050.
Four of the day’s top five gainers on the S&P 500 belonged to the alt energy sector: First Solar (NASDAQ:FSLR) +5.4%, Enphase Energy (NASDAQ:ENPH) +5%, SolarEdge Technologies (SEDG) +4.8%, NextEra Energy (NEE) +4.6%.
Other notable gainers included Gevo (GEVO) +16.8%, Emeren (SOL) +15.4%, Sunrun (RUN) +13.6%, FuelCell Energy (FCEL) +13.4%, SunPower (SPWR) +12.1%, Plug Power (PLUG) +11.7%, Sunnova Energy (NOVA) +11.1%, JinkoSolar (JKS) +8.8%, Shoals Technologies (SHLS) +8.8%, Bloom Energy (BE) +8.6%, Ballard Power (BLDP) +7.1%, Daqo New Energy (DQ) +7.1%, Array Technologies (ARRY) +6.6%, Canadian Solar (CSIQ) +5.8%, NuScale Power (SMG) +5.3%, Clean Energy Fuels (CLNE) +5.1%.
Maxeon Solar Technologies (MAXN), which plummeted as much as 24% after warning that weak demand would hurt Q3 revenues, closed +3.6%.
ETFs: (NYSEARCA:TAN), (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (ERTH), (SMOG)
France will target 140-175 GW of installed wind, solar and hydropower production capacity in 12 years, up from just 63.5 GW last year, with additional targets for increase use of biogas, renewable and synthetic fuels, hydrogen and carbon capture, Bloomberg reported.
The government plans to award at least 5 GW annually of contract for difference to help develop photovoltaic projects, and to auction at least 1.5 GW of CFDs for onshore wind annually, which could lift France’s solar capacity to as much as 100 GW in 2035, 15 years earlier than planned by President Macron before his re-election last year.
The government also will hold a tender for 8-10 GW of offshore wind projects in 2025, with the aim of reaching 18 GW of installed capacity in 2035.
Separately, the California Public Utilities Commission said it will delay a vote on a proposed decision that would cut incentives for schools, apartment dwellers and farmers to install rooftop solar panels.
The vote, which had been scheduled for this Thursday, was postponed until November 2.
More on Enphase Energy and First Solar
Image and article originally from seekingalpha.com. Read the original article here.