Paris Agreement Sets Fire Underneath Solar Shares
Shares of numerous renewable energy companies have jumped over the past two days of trading following the agreement of a new climate accord in Paris.
When COP21 in Paris came to a close on Saturday with a new legally-binding climate agreement, there was much rejoicing for the hopefully-ambitious targets that attending nations and entities had set for themselves. More immediately, however, has been the impact the agreement has had on the shares of renewable energy companies, with several companies from both the solar and wind sectors seeing their shares jumping sharply after trading opened for the first time on Monday since the agreement was signed.
Most interestingly, for those who have been watching SunEdison’s performance of late, was its 12% jump on trading beginning Tuesday morning. Some spectators have ascribed the jump to rumors swirling that the US Government might extend the country’s Investment Tax Credit, but the increase in company shares so close to jumps in competitors’ shares following the Paris agreement seems difficult to ignore.
Other solar companies which saw an increase included Canadian Solar (3%) and SolarCity (which jumped several points on Monday only to fall 3.7% on Tuesday).
The most extreme jump was Trina Solar’s 11% jump on Monday, which mostly held through Tuesday to finish trading at just over $10.5.
Of course, this jump was neatly placed after both the Paris Agreement as well as a buyout offer from a Buyer Group including the company’s Chairman and Chief Executive, Mr Jifan Gao.
Danish wind energy giant Vestas Wind Systems A/S also saw its stocks jump somewhat on Monday, up around 3% between the close of trading on Friday and close on Tuesday.
Image Credit: via Yahoo Finance
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