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Enphase's (ENPH) Energy System Demand Elevates in Austria
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Enphase Energy, Inc. (ENPH - Free Report) recently revealed that its product installers in Austria have been witnessing the heightened demand for Enphase Energy Systems in Austria, powered by IQ Microinverters and IQ Batteries. This highlights the increased penetration of the European solar market and Enphase’s expanding footprint.
Enphase’s Growth Prospects in Europe
Considering immense growth prospects in the European solar market, Enphase has been eyeing opportunities in the region and consistently increasing its footprint for better growth.
As the region continues to gradually phase out fossil fuels, ENPH expects demand to increase manifold. In the quest to better meet the mounting demand, Enphase established a partnership with Flex Romania in the first quarter of 2023 to increase its manufacturing base in Europe and proactively meet the growing demand.
Enphase’s efforts to expand in Europe have been fetching a handful of returns for the company as it recorded an all-time high sell-through of microinverters in the first quarter of 2023. Meanwhile, revenues increased 25% in the region sequentially and nearly tripled year over year.
Enphase expects returns from Europe to remain strong in the days ahead as it continues to explore opportunities, make strategic acquisitions and introduce its state-of-the-art products, IQ8 Microinverters and IQ Batteries, in broader Europe throughout the year.
Peer Moves
Per the report from Solar Power Europe, solar deployments in Europe increased 47% in 2022 to 41.4 gigawatts (GW), with prospects to exceed 50 GW in 2023. The report also anticipates the installation capacity to increase twofold to 85 GW by 2026.
Such anticipated growth prospects indicate substantial opportunities for solar companies like ENPH to consolidate their position in the region. Other solar companies that have carved out a niche in the European solar market are as follows:
Canadian Solar (CSIQ - Free Report) : It boasts a solar project backlog of 936 megawatt-peak (MWp) in Europe as of Jan 31, 2023. In the latest development, in May 2023, the company announced that six of its photovoltaic solar projects totaling 685 MW located in Spain received favorable Environmental Impact Assessments from the Spanish Ministry.
The Zacks Consensus Estimate for Canadian Solar’s 2023 earnings has been revised upward by 9.9% in the past 60 days. CSIQ shares have increased 24.9% in the past year.
Emeren (SOL - Free Report) : It had mid-to-late-stage projects of 2,161 MW in Europe and operates 60 MW of IPP projects in Europe as of Dec 31, 2022. In May 2023, the company completed the sale of 58 MW solar projects in Poland to Spectris Energy.
The Zacks Consensus Estimate for Emeren’s 2023 sales suggests a growth rate of 96.9% from the prior-year reported figure. Estimates for SOL’s 2023 earnings have been revised upward by 32.3% in the past 60 days.
First Solar (FSLR - Free Report) : In May, the company announced that it strengthened its global leadership in thin-film photovoltaics by acquiring Evolar AB, a European leader in perovskite technology.
The Zacks Consensus Estimate for First Solar’s 2023 earnings has been revised upward by 2.4% in the past 60 days. FSLR shares have recorded a stark improvement of 204.1% in returns in the past year.
Price Movement
In the past month, shares of Enphase Energy have risen 3.5% against the industry’s decline of 3.9%.
Image: Bigstock
Enphase's (ENPH) Energy System Demand Elevates in Austria
Enphase Energy, Inc. (ENPH - Free Report) recently revealed that its product installers in Austria have been witnessing the heightened demand for Enphase Energy Systems in Austria, powered by IQ Microinverters and IQ Batteries. This highlights the increased penetration of the European solar market and Enphase’s expanding footprint.
Enphase’s Growth Prospects in Europe
Considering immense growth prospects in the European solar market, Enphase has been eyeing opportunities in the region and consistently increasing its footprint for better growth.
As the region continues to gradually phase out fossil fuels, ENPH expects demand to increase manifold. In the quest to better meet the mounting demand, Enphase established a partnership with Flex Romania in the first quarter of 2023 to increase its manufacturing base in Europe and proactively meet the growing demand.
Enphase’s efforts to expand in Europe have been fetching a handful of returns for the company as it recorded an all-time high sell-through of microinverters in the first quarter of 2023. Meanwhile, revenues increased 25% in the region sequentially and nearly tripled year over year.
Enphase expects returns from Europe to remain strong in the days ahead as it continues to explore opportunities, make strategic acquisitions and introduce its state-of-the-art products, IQ8 Microinverters and IQ Batteries, in broader Europe throughout the year.
Peer Moves
Per the report from Solar Power Europe, solar deployments in Europe increased 47% in 2022 to 41.4 gigawatts (GW), with prospects to exceed 50 GW in 2023. The report also anticipates the installation capacity to increase twofold to 85 GW by 2026.
Such anticipated growth prospects indicate substantial opportunities for solar companies like ENPH to consolidate their position in the region. Other solar companies that have carved out a niche in the European solar market are as follows:
Canadian Solar (CSIQ - Free Report) : It boasts a solar project backlog of 936 megawatt-peak (MWp) in Europe as of Jan 31, 2023. In the latest development, in May 2023, the company announced that six of its photovoltaic solar projects totaling 685 MW located in Spain received favorable Environmental Impact Assessments from the Spanish Ministry.
The Zacks Consensus Estimate for Canadian Solar’s 2023 earnings has been revised upward by 9.9% in the past 60 days. CSIQ shares have increased 24.9% in the past year.
Emeren (SOL - Free Report) : It had mid-to-late-stage projects of 2,161 MW in Europe and operates 60 MW of IPP projects in Europe as of Dec 31, 2022. In May 2023, the company completed the sale of 58 MW solar projects in Poland to Spectris Energy.
The Zacks Consensus Estimate for Emeren’s 2023 sales suggests a growth rate of 96.9% from the prior-year reported figure. Estimates for SOL’s 2023 earnings have been revised upward by 32.3% in the past 60 days.
First Solar (FSLR - Free Report) : In May, the company announced that it strengthened its global leadership in thin-film photovoltaics by acquiring Evolar AB, a European leader in perovskite technology.
The Zacks Consensus Estimate for First Solar’s 2023 earnings has been revised upward by 2.4% in the past 60 days. FSLR shares have recorded a stark improvement of 204.1% in returns in the past year.
Price Movement
In the past month, shares of Enphase Energy have risen 3.5% against the industry’s decline of 3.9%.
Image Source: Zacks Investment Research
Zacks Rank
Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.