NEW YORK, NY--(Marketwire - Jun 26, 2012) - Solar stocks have been on the upswing recently on surprisingly strong demand in Europe and China. The Guggenheim Solar ETF (TAN) has risen nearly 7 percent in the last month. Companies received a boost Friday after a Citibank analyst saw a bottom for the industry. The Paragon Report examines investing opportunities in the Solar Industry and provides equity research on First Solar, Inc. (NASDAQ: FSLR) and Canadian Solar Inc. (NASDAQ: CSIQ).
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A recent Associated Press article reported that solar stocks rose after Citibank suggested the global demand for solar panels was increasing. Renewable energy demand may have reached a low point but is prepared to grow as prices are approaching the levers of power from traditional sources, Citibank analyst Timothy Arcuri wrote in a research note. Arcuri said new demand is developing from countries such as Bahrain, Jordan, Chile, Ukraine, Serbia and Puerto Rico where solar is an option even without subsidies.
The recent drop in panel prices has made them more attractive to homeowners and utilities. Solar panel prices have decreased 47 percent and as a result solar installations in the U.S. have soared 85 percent in the first quarter of 2012.
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Shares of First Solar surged over percent Friday as the company announced plans to restart construction of a LA County power plant. The agreement enables First Solar to continue construction activities of the 230-megawatt power plant that, when completed in 2013, will generate enough electricity to power 75,000 homes. Work on the project began in August 2011 and is creating about 400 jobs during construction on the 2100 acre site.
Canadian Solar is one of the world's largest solar companies. The company and SkyPower Global recently announced the close of their landmark purchase transaction, under which Canadian Solar has acquired a majority interest in 16 solar projects representing approximately 190-200MW DC from SkyPower.
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