There wasn’t much good news for the solar industry this week, as the earnings season brought bad report after bad report. As higher interest rates make solar projects more difficult to build economically, residential solar companies have been hit hardest by policy changes in Europe and California.
Three companies were most affected this week Sunny (NASDAQ: RUN ) is down 27% for the week; SolarEdge Technologies (NASDAQ: SEDG ), down 21.4%; and Sunnova Energy (NYSE: NOVA ), fell 32.7%, according to data from S&P Global Market Intelligence.
Last week, reported results and management expected results to improve in 2024, but the start of the year will be challenging. Moreover, SunPower raised money on highly diluted terms, indicating a difficult financial environment for the industry.
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Source: Fool.com