Piper Jaffray Comments On New China Solar Subsidy (TAN, STP, YGE, LDK, more...)
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Piper Jaffray's solar analyst Jesse Pichel is commenting on the sector today related to the new China solar subsidy, which has set the sector en fuego, represented by the 20% move in ETF Claymore/MAC Global Solar Energy (NYSE: TAN). Pichel said this is a positive development, but impossible to quantify.
Pichel notes, "The Chinese government has proposed a generous subsidy - capex based subsidy of 20 RMB/w ($3 USD/w) for projects over 50kw, making the cost of solar installation only the inverter an balance of systems. The official document does not mention a cap, but does not specifically say there will be no cap. We believe it is unlikely the subsidy will have no cap."
Pichel said this is a certainly a long term positive, but it is premature to bid up solar stocks significantly on this news alone. He remains positive on the group.
Pichel also notes, "This subsidy undoubtedly shows the Chinese government's strong support for the solar industry."
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- LDK (NYSE: LDK) +39%
- ReneSola (NYSE: SOL) +31%
- JA Solar Holdings Co., Ltd. (Nasdaq: JASO) +32%
- Solarfun Power Holdings Co., Ltd. (Nasdaq: SOLF) +22%
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- SunPower Corporation (Nasdaq: SPWRA) 17%
- Evergreen Solar (Nasdaq: ESLR) +15
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China solar subsidy
Kee Ideas on Apr 3, 2009 10:30 AMThe subsidy is definitely a very generous gesture and signals a positive attitude towards solar energy. However, another factor needs to be consider is China's housing market. Read more: http://keeglobaladvisors.typepad.com/keeideas/2009/04/china-introduced-a-subsidy-program-for-solar-pv-.html