Enphase Energy, Inc. ( ENPH Quick Quote ENPH - Free Report) announced that the intensified demand for its IQ7 family of microinverters has been observed in the Netherlands, as indicated by Gaslicht.com, a leading energy platform in the Netherlands.
As energy costs continue to rise in Europe, homeowners are increasingly transitioning to solar for energy needs. This has fueled the demand for solar energy products in the Netherlands. As Enphase products ensure to be one of the safest, reliable and safer energy solutions, these witnessed a surge in demand.
Also, Gaslicht’s digital platform seems to have acted as a catalyst for growth in the adoption of Enphase’s products as the platform boasts nearly five million customers every year, out of which 75% picked up Enphase microinverters for their solar systems.
Enphase’s Prospects in Europe
Enphase has been consistently gaining momentum in the European region, driven by strong solar demand. We can expect this trend to continue to witness strong prospects. Enphase’s revenues in Europe increased 69% sequentially and 89% year over year, backed by strong demand for microinverters in the Netherlands, France, Germany, Belgium, Spain and Portugal.
Rising utility bills and high natural gas prices continue to drift consumers to renewable sources of energy in Europe. In such a scenario, solar is likely to be at the forefront compared to other forms of renewable energy.
Further, as Russia constricts the supply of gas in the European region, the situation may continue to be vulnerable, thus providing ample opportunities for the expansion of the European solar market.
Such a scenario is likely to boost Enphase’s footprint in Europe’s solar market in the days ahead.
Other solar players who have carved out a position in the European solar market and stand to benefit as the market expands 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 6.3% 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. It 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 increased 3.1% 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 34.2% over the prior-year reported figure. The Zacks Consensus Estimate for SOL’s 2023 sales suggests an increase of 26% over the prior-year reported figure.
In the past year, shares of Enphase Energy have surged 80.3% compared with the
industry’s growth of 1.8%.
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 .