North Coast Solar Stocks

March 26, 2009

Solar surged on Chinese subsidies

Filed under: FSLR, JASO, SPWR, STP, TSL — Tags: , , , , — Jason @ 2:42 pm

Solar stocks surge as the Chinese central government proposes a subsidy

Thursday March 26, 2009, 2:42 pm EDT

NEW YORK (AP) — Solar stocks surged Thursday on reports that China may roll out new subsidies for solar installations.

Piper Jaffray analyst Jesse Pichel said in a research note that the Chinese central government made the proposal for a subsidy worth $3 a watt for large installations. The subsidy may cover more than 60 percent of the cost to install the solar system.

“This subsidy undoubtedly shows the Chinese government’s strong support for the solar industry,” Pichel said.

Shares of Chinese manufacturer Suntech Power Holdings (STP) spiked $3.27, or 42 percent, to $11.12 a share. Trina Solar Ltd. (TSL) stock also shot up $3.63, or 42 percent, to $12.29. JA Solar Holdings Co. (JASO) shares surged $1.02, or 38 percent, to $3.68.

In the U.S., First Solar, Inc. (FSLR) stock jumped $18.80, or 14 percent, to $152.78 a share. SunPower Corp. (SPWRA, SPWRB) rose $3.87 a share, or 15.1 percent, to $27.91.

Solar stocks struggled earlier this year as the widening recession and tightened credit markets made it tough to build new projects. Tempe, Ariz.-based First Solar warned in February of a gloomy sales year in 2009, and said it would help some of its customers pay for their installations.

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