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US tax cuts passed and the global solar energy company stock prices fell

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release date: 2018-01-02 source; author;
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REVIEW: First Solar and SunPower, the two major US solar manufacturers, fell in price on December 4 (Monday) local time after the Senate passed a tax reduction proposal on weekends. Because the tax reform will make the financing of renewable energy projects to further increase.

US tax cuts passed and the global solar energy company stock prices fell

 

First Solar and SunPower, the two major US solar manufacturers, fell in price on December 4 (Monday) local time after the Senate passed a tax reduction proposal on weekends. Because the tax reform will make the financing of renewable energy projects to further increase.

First Solar fell 6.9% on Monday local time, the largest intraday decline in more than a month. SunPower fell 7.6%, Bloomberg global solar index (16 companies) fell 3.2%.
Bloomberg said the Senate tax reform plan could stifle the tax-stock market, which is the main source of renewable energy financing. It includes provisions that levy the minimum tax on foreign transactions of multinational corporations. In tax-equity deals, renewable energy developers sell tax credits for some of their projects to big banks and insurers, which can use credit for their own tax bills.

Brian Lee, an analyst with Goldman Sachs Group, said in a research note that the rule "will in some cases effectively affect up to 100% of taxable renewable credit, resulting in a significant reduction in value." "It is likely to have a negative impact on the main source of funding of America's new wind energy and solar energy projects".
Other solar companies also fell sharply this Monday. Canadian Solar fell 9.9%, and the world's largest solar panel maker Jinko energy shares fell 7.6%.

The main goal of Trump's tax reform is to lower corporate interest rates, which may further reduce the interest of large multinationals in tax credits for investing in wind energy and solar developers.

 


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