In a recent report from the Solar Energy Industries Association, 2020 has marked the largest first quarter on record for solar energy. For the rest of 2020, it is predicted that solar installations are going to increase, so what does that mean for solar stocks?
According to the most recent report from the Solar Energy Industries Association, 2020 marked the largest first quarter on record in the U.S. As for the whole year, Wood Mackenzie expects annual growth in new solar installations to increase by one-third. The SEIA is projecting nearly 20 GW of new solar installations.
While the pandemic has disrupted the global economy and harmed the solar industry, the potential of the sector is intact. This claim is supported by SunRun Inc's RUN 0.88% recent $3.2 billion all-stock acquisition of Vivint Solar Inc VSLR 0.26%.
For its second-quarter, Clearway Energy Inc CWEN 0.43% reported a net income of $76 million. Adjusted EBITDA was $316 million with $100 million in cash gained from operating activities. The renewable energy producer now yields 4.9% after providing its investors with a monster dividend increase this month. The solar company can easily support the higher payout thanks to its stability gained by long-term and fixed-rate contracts. Along with a solid financial profile, Clearway has the flexibility to make acquisitions. With several deals in the air, its cash flow could be further enhanced in the upcoming years.
A renewable energy and power generator and developer in Europe and Israel saw its stock reach its new 52-week high in August. According to Investors Observer, Ellomay Capital Ltd (NYSEAMERICAN:ELLO) is near the top in its sector. It gained a ranking of 73, which implies it scores higher than 73% of stocks.
Investors Observer rated Sky Solar Holdings Ltd SKYS 0.17% with a score of 97 means that it ranks higher than 97% of stocks in the utility sector. But, this global developer, owner and operator of solar energy parks just announced it was informed on August 28, 2020, that a winding-up petition had been filed against the Company. The solar company considers that the petition filed by an affiliate of US asset manager Hudson Sustainable Investments LLC is procedurally defective and that it does not comply with the applicable practice direction. It will vigorously defend its position.
Over its latest quarter, one of the nation's leading providers of residential solar panels, solar energy storage and energy services moved to a digital sales operating model. It also managed to improve its cost structure. Although GAAP revenue was down 11 percent compared to the same quarter last year, the total cost of revenue dropped 6 percent year-over-year with operating expenses also dropping 1 percent on the same basis. With its agreement to acquire Vivint Solar in July, it will expand its customer reach and achieve economies of scale.
VivoPower International VVPR 15.27% managed to achieve record revenues of $48.7 million, despite COVID-19 lockdowns. With a strong turnaround in adjusted EBITDA with an increase of $7.7 million to $3.9 million, the renewable energy company is all set to enter the EV market. After a twelve-month review, the renewable energy company decided to initially focus on providing differentiated light electric vehicles to customers in the mining and infrastructure sectors in Australia, after which it will aim to expand globally. The light commercial vehicle market that includes pick-up trucks is worth an estimated $12 billion in Australia alone.
Speaking of pickups, Worksport Ltd's WKSP 54.7% recently unveiled the TerraVis system. Already established as an innovative and affordable manufacturer of tonneau covers, Worksport is now set to entirely disrupt the market with the new Solar Covers. TerraVis will make traditional pickups greener by being able to generate and store remote solar energy. Moreover, it will improve the driving range of upcoming electric models.
If you don't feel like focusing on specific stocks, you can always choose exchange-traded funds. Within the solar energy sector, there is only one solar energy ETF that offers such exposure, the Invesco Solar ETF (ARCA: TA). But when it comes to EVs, the range is far greater.
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