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