The coronavirus outbreak has severely hit the entire economy, and the solar industry is by no means spared.
The Solar Energy Industries Association has estimated that half of the 250,000 industry workers could lose their jobs at least temporarily as the projected growth for this year has been downgraded by as much as one-third.
One of the best-performing renewable energy companies of 2019, SolarEdge Technologies, Inc. (NASDAQ: SEDG) shares plunged 34% in March after previously rising 31% in the previous two months, with only the outbreak to blame for this drop. One year ago, the company purchased a 57% stake for $73 million in S.M.R.E. Spa, a developer of powertrain solutions for electric vehicles headquartered in Italy, the worst-hit country by COVID-19.
Prior Performance Is A Positive Indicator For Recovery
But despite this terrible hit, it is only a matter of time until our daily activities entirely depend on the power of the Sun. Last year, the solar industry outperformed traditional energy dramatically, as itself as the sector gained 12.3% whereas the oil and energy sector suffered a loss of 46.2%.
Photovoltaics (PVs) Are Here To Stay
Canadian Solar Inc (NASDAQ: CSIQ) subsidiary Recurrent Energym recently won approval to start construction of the 100 megawatt (MW) Sunflower solar photovoltaic (PV) project. Utility provider Entergy Corp (NYSE: ETR) will assume ownership of the plant and by completing this project, Canadian Solar will enhance its footprint in the U.S. solar development space along with its native Canada, adding to its presence in China, Japan, the U.K., AND emerging solar markets like Italy, India, Mexico and Germany. Its rivals, SunPower Corporation (NASDAQ: SPWR) and First Solar (NASAQ:FSLR) also enjoy a notable global presence that indicates solid revenue growth opportunities for these solar players in the future.
To view the full original article by Bezinga, click here: https://finance.yahoo.com/news/solar-revolution-cannot-stopped-173709919.html