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Solar Stocks Tumble On Reports Manchin Won't Support New Climate Spending

Stock Markets Jul 15, 2022 10:12
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By Sam Boughedda

Solar stocks tumbled Friday after US Senator Joe Manchin reportedly said to Democratic leaders that he wouldn't support new climate spending or tax increases.

According to multiple sources, Manchin told Majority Leader Chuck Schumer he is only willing to back lower prescription drug pricing legislation and extend enhanced Affordable Care Act subsidies.

Shares of companies such as First Solar (NASDAQ:FSLR), Sunrun (NASDAQ:RUN), Enphase Energy (NASDAQ:ENPH), Sunnova (NYSE:NOVA), and more, plunged during the early part of Friday's session.

Following the report, BloombergNEF said they see "two policy developments in the US as headwinds for renewables and offshore wind developers."

These are Manchin saying he will not support climate measures, and "The House passing legislation for new nationality requirements that crew members working on offshore wind projects be citizens or permanent residents of US, which will restrict construction progress of projects on the East Coast of US."

Elsewhere, Susquehanna analyst Biju Perincheril said in a note to investors Friday that they are updating estimates for their alt energy coverage universe before second quarter reports.

"As we enter 2H22, some of the headwinds that have weighed on the industry are easing. This includes President Biden recently granting a two-year reprieve from new solar tariffs, providing more near-term certainty for solar projects, as we await a preliminary decision from the DoC on its AD/CVD investigation in late-August," said Perincheril.

The analyst added that "overall, demand for renewables remains robust and we continue to be most optimistic on the residential solar subsegment."

Solar Stocks Tumble On Reports Manchin Won't Support New Climate Spending
 

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