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Emeren (SOL) Finalizes 58MW Solar Project Sale in Poland
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Emeren Group Ltd (SOL - Free Report) recently concluded the sale of 58 megawatts (MW) of solar projects in Poland to Spectris Energy. The projects comprising solar farms were sold at the "Ready to Build" stage and are to be developed by Spectris. With the sale, Emeren strengthens its already established position in the Poland region.
As Emeren continues to build up its capability on developing solar projects, it may continue to gain more market share in Europe and other international markets through project monetization, as seen in the latest instance.
Emeren’s Prospects in Europe
Europe has proved to be a lucrative market for Emeren for solar project development. The strong presence in the region continues to bolster its revenue generation prospects. The company derived 57% of its revenues from the European region in 2022.
From projects’ point of view, Emeren had mid-to-late-stage projects of 2,161 MW in Europe and operates 60 MW of IPP projects in Europe as of Dec 31, 2022.
The company is also engaged in project developments across Poland, Spain, France, Germany, the United Kingdom and Italy. As part of its long-term growth plan, the company is building IPP projects and looking for M&A opportunities across Europe to take advantage of higher solar PPA prices and the favorable regulatory environment.
Such an expansion and project development strategy is likely to enhance SOL’s footprint in the European solar market and assist the company in duly meeting its 4 gigawatts of a mid-to-late-stage pipeline target by the end of 2023.
Peer Moves
Other solar companies that are enhancing their footprint in the European solar market are as follows:
Enphase Energy (ENPH - Free Report) has been gradually expanding its footprint in the European region. In May, Enphase extended its distribution partnership with Natec, which is currently a market leader for importing and distributing solar and battery products in the Netherlands and other countries throughout Europe.
The Zacks Consensus Estimate for Enphase Energy’s 2023 sales implies a growth rate of 33.1% from the prior-year reported figure. ENPH shares have returned 8.4% in the past month.
In May, First Solar (FSLR - Free Report) announced that it strengthened its global leadership in thin-film photovoltaics by acquiring Evolar AB, a European leader in perovskite technology.
The Zacks Consensus Estimate for First Solar’s 2023 earnings has been revised upward by 15.4% in the past 60 days. FSLR shares have recorded a stark improvement of 185.6% in returns in the past year.
Canadian Solar (CSIQ - Free Report) boasts a solar project backlog of 936 megawatt-peak (MWp) in Europe as of Jan 31, 2023. In the latest development, in May, the company announced that six of its photovoltaic solar projects totaling 685 MW located in Spain received favorable Environmental Impact Assessments from the Spanish Ministry.
The Zacks Consensus Estimate for Canadian Solar’s 2023 earnings has been revised upward by 6.5% in the past 60 days. CSIQ shares have increased 34.5% in the past year.
Price Movement
In the past year, shares of Emeren have dropped 26.4% compared to the industry’s rise of 17.1%.
Image: Bigstock
Emeren (SOL) Finalizes 58MW Solar Project Sale in Poland
Emeren Group Ltd (SOL - Free Report) recently concluded the sale of 58 megawatts (MW) of solar projects in Poland to Spectris Energy. The projects comprising solar farms were sold at the "Ready to Build" stage and are to be developed by Spectris. With the sale, Emeren strengthens its already established position in the Poland region.
As Emeren continues to build up its capability on developing solar projects, it may continue to gain more market share in Europe and other international markets through project monetization, as seen in the latest instance.
Emeren’s Prospects in Europe
Europe has proved to be a lucrative market for Emeren for solar project development. The strong presence in the region continues to bolster its revenue generation prospects. The company derived 57% of its revenues from the European region in 2022.
From projects’ point of view, Emeren had mid-to-late-stage projects of 2,161 MW in Europe and operates 60 MW of IPP projects in Europe as of Dec 31, 2022.
The company is also engaged in project developments across Poland, Spain, France, Germany, the United Kingdom and Italy. As part of its long-term growth plan, the company is building IPP projects and looking for M&A opportunities across Europe to take advantage of higher solar PPA prices and the favorable regulatory environment.
Such an expansion and project development strategy is likely to enhance SOL’s footprint in the European solar market and assist the company in duly meeting its 4 gigawatts of a mid-to-late-stage pipeline target by the end of 2023.
Peer Moves
Other solar companies that are enhancing their footprint in the European solar market are as follows:
Enphase Energy (ENPH - Free Report) has been gradually expanding its footprint in the European region. In May, Enphase extended its distribution partnership with Natec, which is currently a market leader for importing and distributing solar and battery products in the Netherlands and other countries throughout Europe.
The Zacks Consensus Estimate for Enphase Energy’s 2023 sales implies a growth rate of 33.1% from the prior-year reported figure. ENPH shares have returned 8.4% in the past month.
In May, First Solar (FSLR - Free Report) announced that it strengthened its global leadership in thin-film photovoltaics by acquiring Evolar AB, a European leader in perovskite technology.
The Zacks Consensus Estimate for First Solar’s 2023 earnings has been revised upward by 15.4% in the past 60 days. FSLR shares have recorded a stark improvement of 185.6% in returns in the past year.
Canadian Solar (CSIQ - Free Report) boasts a solar project backlog of 936 megawatt-peak (MWp) in Europe as of Jan 31, 2023. In the latest development, in May, the company announced that six of its photovoltaic solar projects totaling 685 MW located in Spain received favorable Environmental Impact Assessments from the Spanish Ministry.
The Zacks Consensus Estimate for Canadian Solar’s 2023 earnings has been revised upward by 6.5% in the past 60 days. CSIQ shares have increased 34.5% in the past year.
Price Movement
In the past year, shares of Emeren have dropped 26.4% compared to the industry’s rise of 17.1%.
Image Source: Zacks Investment Research
Zacks Rank
Emeren currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.