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Emeren (SOL) Sells 53.6 MWp Solar Portfolio in Hungary
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Emeren Group Ltd. (SOL - Free Report) recently announced the sale of a 53.6 megawatt peak (MWp) solar project portfolio in Hungary to Kronospan / Douglas Renewables.
This portfolio comprises a total of six projects. Four of them are already operational while two others are scheduled to commence operations in fourth-quarter 2023 and mid-2024. The projects, located in the municipalities of Eastern Hungary, will provide energy to about 9,500 households.
Emeren’s Expansion Plans in Europe
Europe’s solar market provides significant growth opportunities, primarily driven by increased investment and deployment of solar plants and various government policies favoring development. Per a report from SolarPower Europe, the 27 EU Member States saw 41.4 gigawatts (GWs) of new solar photovoltaic (PV) capacity connected to their grids in 2022, indicating a 47% increase from the 2021 level.
Emeren has been rapidly expanding its presence in Europe, which contributed 68% to the total revenues of the company in third-quarter 2023.
In November 2023, Emeren monetized 29 megawatts (MWs) of solar PV portfolio in Spain and closed the sale of a portfolio in Italy, comprising five Battery Energy Storage Systems with a capacity of 3,787 MWh to Matrix Renewables.
As of Sep 30, 2023, the company had 6,075 MWs of solar projects in the pipeline under advanced-stage and early-stage development and owned and operated nearly 60 MWs of power purchase agreement projects in Europe.
The SolarPower Europe report estimates more than 50 GW deployment level in 2023. It also expects a deployment of 85 GWs in 2026 (more than double the figure recorded in 2022). Considering such abounding growth prospects offered by the European solar market and the latest sale agreement, we expect Emeren to witness solid revenue growth in the European region in the coming quarters.
Peers to Benefit
Other prominent players like Canadian Solar Inc. (CSIQ - Free Report) , SolarEdge Technologies Inc. (SEDG - Free Report) and Maxeon Solar Technologies Ltd. (MAXN - Free Report) are also expanding their footprint in the European region to reap the benefits of the solar market’s prospects here.
Canadian Solar has a presence in Germany, Poland, Spain, Italy, France and the Netherlands. As of September 2023, the company had 3,756 MW of early-stage pipeline in the EMEA region. Its subsidiary, CSI Energy Storage, inked a supply agreement with Cero Generation and Enso Energy in Europe during the same time. The deal involves the delivery of 49.5 MW/99 MWh of turnkey battery energy storage solutions.
The Zacks Consensus Estimate for CSIQ’s 2023 earnings per share (EPS) implies growth of 7% from the 2022 reported figure. The Zacks Consensus Estimate for 2023 sales implies an improvement of 1.2% from the prior-year reported number.
SolarEdge has a strong presence in Germany, the U.K. and Switzerland. It expects the momentum to continue growing in Europe. With the third-quarter 2023 revenues from Europe comprising 62% of the total, the company shipped 2,585 MW of energy to Europe.
SEDG has a long-term (three-to-five years) earnings growth rate of 18.7%. Its shares have risen 21.9% in the past month.
Maxeon Solar supplies modules for Italy’s largest Airport PV installation in Torino. During the third-quarter 2023, the Europe, Middle East and Africa region comprised $65 million of its total revenues. The company also commenced sales of battery storage products in Belgium, France, Italy and Spain during this period.
MAXN has a long-term earnings growth rate of 39.7%. The Zacks Consensus Estimate for 2023 sales implies an improvement of 7.2% from the prior-year reported number.
Price Performance
Over the past three months, shares of SOL have gained 0.3% against the industry’s 8.1% decline.
Image: Bigstock
Emeren (SOL) Sells 53.6 MWp Solar Portfolio in Hungary
Emeren Group Ltd. (SOL - Free Report) recently announced the sale of a 53.6 megawatt peak (MWp) solar project portfolio in Hungary to Kronospan / Douglas Renewables.
This portfolio comprises a total of six projects. Four of them are already operational while two others are scheduled to commence operations in fourth-quarter 2023 and mid-2024. The projects, located in the municipalities of Eastern Hungary, will provide energy to about 9,500 households.
Emeren’s Expansion Plans in Europe
Europe’s solar market provides significant growth opportunities, primarily driven by increased investment and deployment of solar plants and various government policies favoring development. Per a report from SolarPower Europe, the 27 EU Member States saw 41.4 gigawatts (GWs) of new solar photovoltaic (PV) capacity connected to their grids in 2022, indicating a 47% increase from the 2021 level.
Emeren has been rapidly expanding its presence in Europe, which contributed 68% to the total revenues of the company in third-quarter 2023.
In November 2023, Emeren monetized 29 megawatts (MWs) of solar PV portfolio in Spain and closed the sale of a portfolio in Italy, comprising five Battery Energy Storage Systems with a capacity of 3,787 MWh to Matrix Renewables.
As of Sep 30, 2023, the company had 6,075 MWs of solar projects in the pipeline under advanced-stage and early-stage development and owned and operated nearly 60 MWs of power purchase agreement projects in Europe.
The SolarPower Europe report estimates more than 50 GW deployment level in 2023. It also expects a deployment of 85 GWs in 2026 (more than double the figure recorded in 2022). Considering such abounding growth prospects offered by the European solar market and the latest sale agreement, we expect Emeren to witness solid revenue growth in the European region in the coming quarters.
Peers to Benefit
Other prominent players like Canadian Solar Inc. (CSIQ - Free Report) , SolarEdge Technologies Inc. (SEDG - Free Report) and Maxeon Solar Technologies Ltd. (MAXN - Free Report) are also expanding their footprint in the European region to reap the benefits of the solar market’s prospects here.
Canadian Solar has a presence in Germany, Poland, Spain, Italy, France and the Netherlands. As of September 2023, the company had 3,756 MW of early-stage pipeline in the EMEA region. Its subsidiary, CSI Energy Storage, inked a supply agreement with Cero Generation and Enso Energy in Europe during the same time. The deal involves the delivery of 49.5 MW/99 MWh of turnkey battery energy storage solutions.
The Zacks Consensus Estimate for CSIQ’s 2023 earnings per share (EPS) implies growth of 7% from the 2022 reported figure. The Zacks Consensus Estimate for 2023 sales implies an improvement of 1.2% from the prior-year reported number.
SolarEdge has a strong presence in Germany, the U.K. and Switzerland. It expects the momentum to continue growing in Europe. With the third-quarter 2023 revenues from Europe comprising 62% of the total, the company shipped 2,585 MW of energy to Europe.
SEDG has a long-term (three-to-five years) earnings growth rate of 18.7%. Its shares have risen 21.9% in the past month.
Maxeon Solar supplies modules for Italy’s largest Airport PV installation in Torino. During the third-quarter 2023, the Europe, Middle East and Africa region comprised $65 million of its total revenues. The company also commenced sales of battery storage products in Belgium, France, Italy and Spain during this period.
MAXN has a long-term earnings growth rate of 39.7%. The Zacks Consensus Estimate for 2023 sales implies an improvement of 7.2% from the prior-year reported number.
Price Performance
Over the past three months, shares of SOL have gained 0.3% against the industry’s 8.1% decline.
Image Source: Zacks Investment Research
Zacks Rank
Emeren currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.