Investors are beginning to see the light with ASX solar energy stocks
The rooftop solar market is booming in Australia but ASX-traded solar stocks are a mixed bag over the past year.
It’s expected to be a record year for solar roof installations in 2018. There were 118MW of rooftop solar installed last month — enough electricity to power 36,000 homes.
Leading the charge is the sunshine state (QLD) — with 2.016 gigawatts of rooftop solar deployed in total. NSW is second ranked with a total of 1.47 gigawatts.
Despite strong consumer interest, only three of seven solar-based renewable stocks monitored by Stockhead are ahead for the year.
The west has been the latest target for solar farm developer Carnegie Clean Energy (ASX:CCE). The company this week shared plans for a 10 megawatt solar and 10MWh battery site east of Bunbury.
News sent its share price up 5 per cent, to trade at 4c — but it’s in a 12-month slump with shares down 43 per cent from March 2017.
Tag Pacific (ASX:TAG), which integrates solar photo voltaics with battery storage systems, is up 77 per cent over the past year — but mainly because it won an energy storage contract in the Illawarra region of NSW last year.
Genex Power (ASX:GNX) — which is building a solar energy hub in far north Queensland, is up 35 per cent over the past 12 months.
The developer of the 250 kilowatt Kidston Renewable Energy Hub achieved first revenues from its project in December and is expected to progress to full capacity in the coming months.
Its now looking to a second development and upping its target to 270 megawatts.
The latest addition to the scene is global fund New Energy Solar (ASX:NEW) that listed on the bourse in December.
New Energy describes itself as holding a “diversified portfolio of solar assets across the globe and helping investors benefit from the shift to renewable energy”.
It raised $200 million at $1.50 a share, surging to $1.60 on its debut — but closed down 10 per cent at $1.43 on Monday.
Greatcell Solar (ASX:GSL) is attempting to commercialise its “third generation solar cells” that can be built into thin, lightweight and potentially semi-transparent modules.
The company is seeking to develop a $15 to $20 million prototype co-located in Clayton, Victoria. A search for funding has held the company in voluntary suspension since the start of the month.
Last week, it told the market it was continuing to evaluate funding options with government agencies and expected a result within four weeks.
Shares in the company were at their peak this time last year, but have largely flatlined since September.
Quantum Energy (ASX:QTM) is the only other in the cohort with gains over the past year.
It reported a revenue increase of $689,000 for the last half year — up 2 per cent.