Enphase Energy, Inc. ( ENPH Quick Quote ENPH - Free Report) recently announced the extension of its strategic alliance with the international distribution partner, BayWa r.e. It is imperative to mention that BayWa r.e. is a leading distributor in Germany and Benelux. This helps Enphase in augmenting its adoption of the IQ7 family of microinverters and IQ Batteries through its strong distribution channel. Benefits of the Extended Strategic Partnership
The Germany and Benelux solar market is poised to exhibit strength as the demand for solar energy continues to improve amid rising energy prices. In such a scenario, homeowners may continue to focus on a safe and reliable all-in-one home energy solution. In this regard, Enphase products that entail strong operational capability and align with the current and changing dynamics of the solar world are in demand.
The recent extended partnership with BayWa r.e. will allow Enphase to further strengthen its presence in the broader solar market of Germany and Benelux through its impressive product portfolio of IQ7 family of microinverters and IQ Batteries amid the rising demand.
This, in turn, will act as a catalyst for ENPH to tap the broader installer market of Germany and Benelux and increase its footprint in the region. Such a strategy of Enphase to grow through a strong distribution channel should fuel its long-term growth trajectory and boost revenue generation from the international market.
Solar may become Europe’s major source of energy in the years ahead as rising utility bills and high natural gas prices continue to drift consumers to renewable sources of energy. As Russia constricts the supply of gas in the European region, the situation may continue to be vulnerable, thus providing ample opportunities for the further expansion of the European solar market.
This tends to provide immense scope for solar players in the industry to fortify their presence in the European solar market, reaping the benefits of the increased demand. Enphase, which continues to grow through the execution of strong strategies, may further gain from consumers’ rising focus on energy independence in Europe. Other solar players that have carved out a position in the European solar market are as follows:
In July 2022,
Canadian Solar ( CSIQ Quick Quote CSIQ - Free Report) announced that it completed the sale of two fully permitted solar and battery energy storage projects in the United Kingdom to Gresham House. The two projects comprise a collocated solar and battery energy storage project in Durham, with 50 megawatt-peak (MWp) solar capacity and 38 megawatts (MW) (or 76 MWh) of battery energy storage, and a standalone solar project in Warwickshire of 28 MWp.
The Zacks Consensus Estimate for Canadian Solar’s 2022 earnings suggests growth of 135.4% from the prior-year reported figure. CSIQ shares have returned 23.1% in the past year.
In May 2022,
JinkoSolar ( JKS Quick Quote JKS - Free Report) announced that it signed its first European Energy Storage Solution (“ESS”) agreement with Memodo GmbH. The Memodo exclusivity agreement for JinkoSolar’s ESS product portfolio will cover the D-A-C-H region (Germany, Austria and Switzerland) for 2022 and 2023, respectively, which includes an all-in-one system, a stackable low-voltage and high-voltage storage system and a single or three-phase hybrid inverter.
The Zacks Consensus Estimate for JinkoSolar’s 2022 earnings is pegged at $2.79 per share, which implies a growth rate of a solid 64.1% from the prior-year reported figure. JKS shares have rallied 21.1% in the past year.
In April 2022,
ReneSola ( SOL Quick Quote SOL - Free Report) announced that it closed the sale of the 24 MW solar-plus-storage project in the United Kingdom to Innova. The project is a solar farm site located south of Witney in West Oxfordshire, England.
The Zacks Consensus Estimate for ReneSola’s 2022 sales indicates an improvement of 34.6% over the prior-year reported figure. Shares of SOL have delivered 3.8% in the past three months.
In the past year, shares of Enphase Energy have rallied 73.5% compared with the
industry’s growth of 0.2%. Image Source: Zacks Investment Research Zacks Rank
Enphase Energy currently carries a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .