Enphase Energy, Inc. (ENPH - Free Report) has recently partnered with G-Store, a leading green home energy solutions provider in Victoria, Australia, for delivering safe and quality solar systems. Enphase’s products, including the IQ 7+ microinverters, were selected by G-Store for strengthening its commitment to providing residential solar customers with leading-edge solar systems.
How Will the Partnership Benefit Enphase?
Enphase's seventh-generation microinverters are designed to support solar modules of up to 465 watts, targeting high-power residential and commercial solar applications. Further, the microinverters are backed by a 10-year warranty in the Australian solar market, which can be extended to 15, 20, or 25 years. Such an extension with regards to duration can significantly help Enphase enhance distribution channels and expand footprint.
Enphase’s Growing Stature in Australia
In recent times, the solar market in Australia has been gaining momentum, courtesy of declining installation costs along with improved technologies. Notably, per a report by Australia’s Department of Industry, Science, Energy and Resources, more than 2.49 million rooftop solar power systems were installed across the nation as of Jul 31, 2020. The country has the highest uptake of solar globally, with more than 21% of homes with rooftop solar PV.
Considering the boom in the Australian solar market, Enphase has been expanding its footprint in the nation, the latest partnership with G-Store being one of them. In August, the company signed a contract with Solargain for supplying the latter with its microinverters. In July 2020, it partnered with REA Global to combine its IQ 7+ microinverters with the latter’s proprietary solar modules.
Per a report by Australian Energy Market Operator (AEMO), the South Australian government is expected to introduce new standards impacting Distributed Energy Resources (DER) and their approval for connection to the grid at the end of October 2020. These regulations are anticipated to be the strictest grid connection rules in Australia. Once imposed, such regulations will be increasingly beneficial for Enphase, as its IQ 7 microinverters are projected to be one of the first inverters to meet all changes under the regulations without any required design alterations.
Other Solar Players Expanding in Australia
Alongside Enphase, Canadian Solar (CSIQ - Free Report) and Jinko Solar (JKS - Free Report) are other solar players that have already set foot in Australia’s solar market and are expected to benefit from the market’s boom. In June, JinkoSolar announced confirmed orders from an Australian wholesale distributor, Blue Sun Group, totaling more than 100MW of orders. In March, Canadian Solar announced that its subsidiary, Canadian Solar Australia, has signed a power purchase agreement (PPA) with Amazon.
In the year-to-date period, Enphase’s shares have surged 149% compared with the industry’s 93.6% growth.
Zacks Rank & Key Pick
Enphase carries a Zacks Rank #3 (Hold), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. A better-ranked stock from the same space is Renesola Ltd. (SOL - Free Report) , carrying a Zacks Rank #2 (Buy).
Renesola delivered an average positive earnings surprise of 185.56% in the last four quarters. The Zacks Consensus Estimate for 2021 earnings has risen 33.33% to 12 cents in the past 30 days.
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