TAN - Solar stocks rally as Europe proposes plan for new clean energy

Several solar stocks (NYSEARCA:TAN) are seeing sharp gains in Wednesday's trading after the European Union unveiled a multibillion euro plan to cut red tape for solar and wind farms to help reduce dependence on Russian fossil fuels, Financial Times reports. Solar names sporting big gains include (FTCI) +11.2%, (ARRY) +10%, (SHLS) +5.3%, (NOVA) +5.1%. According to the RepowerEU plan, the European Commission wants half the EU's energy to come from renewable sources by 2030, more than double current levels, with total costs reaching into the hundreds of billions of euros to be offset by €84B in annual savings on imported fuel. One proposal is to "introduce an obligation to have rooftop solar installations for all new buildings and all existing buildings of energy performance class D and above [the most energy-intensive]." The European Commission wants to speed up construction of wind farms and solar arrays by forcing member states to designate

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Solar stocks rally as Europe proposes plan for new clean energy