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Sunnova Energy (NYSE:NEW) -12.7% in trading on Friday, falling as much as 15% to its lowest level in nearly three years, after saying it is in talks with the US Department of Energy’s Office of Loan Programs for a possible indirect guarantee for 90% of up to $3.3B of solar loans, according to a 8-K presentation.
Sunnova (NOVA) also said it has entered a $50 million secured revolving loan facility of credit.
Solar stocks are generally significantly lower on concerns that the Silicon Valley Bank bankruptcy could hurt the clean energy industry; Enphase Energy (ENPH) and SolarEdge Technologies (SEDG) are among the biggest losers of the day in the S&P 500, -8.9% and -6.3% respectively.
Also: Sunrun (RUN) -9.1%Solar Power (SPWR) -8.1%Maxeon Solar (MAXN) -5.9%Jinko Solar (JKS) -5.8%Canadian Solar Power (CSIQ) -4.6%Emeren (SUN) -3.5%First Solar (FSLR) -3.3%.
ETFs: (NYSEARCA:TAN), (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
Solar stocks are generally “good on valuation, weak on technicals,” writes Mike Zaccardi in an analysis published in Seeking Alpha.
