ERTH - Sunnova sinks near three-year low amid broad solar sector losses

2023-03-17 15:42:38 ET

Sunnova Energy ( NYSE: NOVA ) -12.7% in Friday's trading, plunging as much as 15% to its lowest in nearly three years, after saying it is in talks with the U.S. Department of Energy Loan Programs Office for a possible indirect guarantee for 90% of as much as $3.3B of solar loans, according to an 8-K filing .

Sunnova ( NOVA ) also said it entered a $50M secured revolving loan credit facility .

Solar stocks are broadly and sharply lower on worries that Silicon Valley Bank's bankruptcy could hurt the clean energy industry; Enphase Energy ( ENPH ) and SolarEdge Technologies ( SEDG ) are among the day's biggest losers on the S&P 500, -8.9% and -6.3% respectively.

Also: Sunrun ( RUN ) -9.1% , SunPower ( SPWR ) -8.1% , Maxeon Solar ( MAXN ) -5.9% , Jinko Solar ( JKS ) -5.8% , Canadian Solar ( CSIQ ) -4.6% , Emeren ( SOL ) -3.5% , First Solar ( FSLR ) -3.3% .

ETFs: ( NYSEARCA: TAN ), ( FAN ), ( ICLN ), ( QCLN ), ( PBW ), ( PBD ), ( ACES ), ( CNRG ), ( SMOG ), ( ERTH )

Solar stocks generally are "good on valuation, weak on technicals," Mike Zaccardi writes in an analysis published on Seeking Alpha .

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