{"id":8367,"date":"2023-05-13T22:38:02","date_gmt":"2023-05-14T02:38:02","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/first-solar-surges-as-tax-incentive-guidance-seen-driving-growth\/"},"modified":"2023-05-13T22:38:03","modified_gmt":"2023-05-14T02:38:03","slug":"first-solar-surges-as-tax-incentive-guidance-seen-driving-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8367","title":{"rendered":"First Solar surges as tax incentive guidance seen driving growth"},"content":{"rendered":"
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\u00a9 Reuters. First Solar surges as tax law guidance seen driving growth<\/span>
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Arizona-based solar energy company First Solar’s (NASDAQ:) stock climbed by over 20% Friday. A few other domestic solar companies moved higher too, including New Mexico’s Array Technologies\u00a0Inc (NASDAQ:), which gained 16%, and California\u2019s Enphase Energy (NASDAQ:), up 3%.<\/p>\n

Gains were tied to positive developments regarding clean energy tax incentives after the Department of the Treasury released guidance for the implementation of the Inflation Reduction Act\u2019s (IRA) domestic content provisions.<\/p>\n

\u201cThe IRA\u2019s domestic content incentive represents a monumental opportunity to continue growing our domestic clean energy supply chain. This guidance will help provide clarity around its eligibility requirements, unlocking billions of dollars of investment in American clean energy manufacturing and its workforce,” said the American Clean Power Association in a statement.<\/p>\n

Piper Sandler analysts commented on the new guidance, stating \u201ca manufacturer cannot simply import the defined solar components (i.e glass backsheet). assemble these components and pass the products test. Instead the defined components that go into a panel must be domestically manufactured. \u201c<\/p>\n

They added, \u201cOverall, the impact of Treasury’s guidance is that a deeper domestic supply-chain (cells, backsheet. glass) needs to be developed which requires more capital investments. We believe this guidance clears the way for FSLR to announce another US project and improves its competitive position (hence the 20%+ move). It also clears the way for ARRYs bookings to recover (hence the 10%+ move).”<\/p>\n

Analysts with research firm Roth MKM, see these developments as a meaningful positive for First Solar.<\/p>\n

\u201cLook for the stock to be up and the company to announce more capacity expansion soon,” they said.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. First Solar surges as tax law guidance seen driving growth Arizona-based solar energy company First Solar’s (NASDAQ:) stock climbed by over 20% Friday. A few other domestic solar companies moved higher too, including New Mexico’s Array Technologies\u00a0Inc (NASDAQ:), which gained 16%, and California\u2019s Enphase Energy (NASDAQ:), up 3%. Gains were tied to positive […]<\/p>\n","protected":false},"author":1,"featured_media":8368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-8367","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nFirst Solar surges as tax incentive guidance seen driving growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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