Sunnova Energy (NYSE:NOVA) -12.7% in Friday’s buying and selling, plunging as a lot as 15% to its lowest in almost three years, after saying it’s in talks with the U.S. Department of Energy Loan Programs Office for a potential oblique assure for 90% of as a lot as $3.3B of photo voltaic loans, based on an 8-Ok submitting.
Sunnova (NOVA) additionally mentioned it entered a $50M secured revolving mortgage credit score facility.
Solar shares are broadly and sharply decrease on worries that Silicon Valley Bank’s chapter may harm the clear vitality trade; Enphase Energy (ENPH) and SolarEdge Technologies (SEDG) are among the many day’s largest losers on the S&P 500, -8.9% and -6.3% respectively.
Also: Sunrun (RUN) -9.1%, SunPower (SPWR) -8.1%, Maxeon Solar (MAXN) -5.9%, Jinko Solar (JKS) -5.8%, Canadian Solar (CSIQ) -4.6%, Emeren (SOL) -3.5%, First Solar (FSLR) -3.3%.
ETFs: (NYSEARCA:TAN), (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
Solar shares typically are “good on valuation, weak on technicals,” Mike Zaccardi writes in an evaluation revealed on Seeking Alpha.