Nordex delivered record order intake and sharply higher profitability in 2025, prompting the company to raise its medium-term EBITDA margin target to 10–12 percent. Nordex SE capped off 2025 with a standout fourth quarter, hitting all financial and operational targets and surpassing its previously stated mid-term profitability goal as Europe’s wind sector regains momentum. The Hamburg-based onshore turbine manufacturer reported Q4 sales of €2.5 billion, up nearly 16 percent year-on-year, while EBITDA s ...

Clearway Energy (NYSE:CWEN) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Speaker8Thank you for standing by, and welcome to Clearway Energy, Inc.'s fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. I would now lik ...

Key Takeaways Array Technologies is expected to post a 23.7% revenue drop and breakeven Q4 earnings.ARRY's backlog, APA acquisition and higher volumes may support results despite delays.Array Technologies trades below industry P/E, but policy risks cloud near-term outlook.Array Technologies, Inc. (ARRY) is expected to witness a decline in its top and bottom lines when it reports fourth-quarter 2025 results. The Zacks Consensus Estimate for ARRY’s fourth-quarter revenues is pegged at $210 million, indicating ...

Core Insights - Array Technologies (ARRY) has seen a stock price increase of 121.7% over the past six months, outperforming its industry, sector, and the Zacks S&P 500 composite, driven by improving demand visibility and an expanded product portfolio [2][9]. Stock Performance - ARRY stock has surpassed its 50-day and 200-day simple moving averages, indicating a bullish trend, which are critical indicators for traders and analysts [3]. - In comparison, peer Sunrun (RUN) has gained 8.3% while First Solar (FSLR) has decreased by 16.3% in the same timeframe [4]. Valuation Metrics - The stock is currently trading at a price-to-earnings multiple of 12.25, which is lower than the industry average of 18.27 and the five-year median of 15.87, indicating it may be undervalued compared to its industry [5]. - While ARRY is considered expensive relative to FSLR, it is cheaper compared to RUN [6]. Market Position and Growth Potential - Array Technologies is well-positioned to benefit from the long-term growth in renewable energy, with strong momentum in the U.S. solar industry as adoption increases among utilities, businesses, and households [10]. - The company has a solid order backlog, ensuring revenue generation in the upcoming quarters, and its acquisition of APA Solar enhances its competitive advantage by broadening its product offerings [11][12]. Operational Challenges - Federal policy changes have introduced near-term uncertainties affecting permitting, procurement, and supply-chain planning, while elevated U.S. tariffs have increased system costs despite a 12% drop in module prices [13]. - Although ARRY has been incurring losses since Q3 2024, operational performance has led to improving margins, with expectations of profitability by full-year 2025 [14]. Analyst Sentiment and Future Outlook - The Zacks Consensus Estimate for 2026 indicates a 17.8% year-over-year revenue increase and a 40.1% increase in earnings, with a long-term earnings growth rate projected at 19.6% [15]. - The consensus estimate for 2026 earnings has seen a slight downward adjustment of 3 cents in the past 30 days [16]. Strategic Considerations - Array Technologies is expected to benefit from solar infrastructure growth, supported by product innovation and a domestic content advantage, with a VGM Score of B indicating confidence in its performance [18]. - Despite positive growth indicators, muted analyst sentiment and ongoing federal policy changes suggest a cautious approach may be prudent for investors [19].

Core Thesis - Alliant Energy Corporation (LNT) presents a bullish investment opportunity due to its stable utility operations, growth potential in renewables, and increasing demand from data centers [1][7]. Company Overview - Alliant Energy operates as a regulated utility in the Midwest, serving approximately 1.01 million electric customers and 430,000 gas customers, with earnings supported by predictable cash flows backed by regulators [3]. Transition to Renewables - Over the last two decades, Alliant has shifted from coal and gas to becoming a leader in renewables, developing one of the largest wind portfolios in the Midwest and expanding solar and storage capabilities [4]. Demand and Growth Strategy - The company has secured around 3 GW of long-term data-center contracts, which could lead to a 50% increase in peak load by 2030. To facilitate this growth, Alliant has a $13.4 billion capital expenditure plan through 2029, focusing on renewables and grid modernization [5]. Financial Performance and Shareholder Returns - Alliant Energy pays an annual dividend of $2.03, yielding approximately 3.04%, and has increased its dividend for 22 consecutive years. The payout ratio is around 64%, allowing for reinvestment while supporting dividend growth [6]. Recent quarterly results indicate rising revenues and operating income, driven by rate hikes and renewable energy additions [6].

Core Viewpoint - Inox Green Energy will acquire Vibrant Energy, an Indian renewable energy platform owned by Macquarie Asset Management, with Vibrant being valued at $200 million in this transaction, significantly lower than the previously sought valuation of $500 million [11][12]. Company Overview - Inox Green Energy Services Limited is a major renewable power operations and maintenance (O&M) service provider in India, managing over 5 GW of renewable assets [3][11]. - Vibrant Energy operates a renewable energy portfolio of approximately 800 MW and has an active pipeline of 3 GW, primarily selling electricity to corporate and industrial customers [6][11]. Transaction Details - Earlier in January, Macquarie hired Standard Chartered Bank to facilitate the sale process of Vibrant Energy [1][11]. - Macquarie had previously dropped the sale of Vibrant due to a valuation mismatch in negotiations, with discussions involving several players including Bain Capital and Sun Energy [7][12]. - The acquisition by Inox Green is part of a strategic move to enhance its renewable energy service offerings [11]. Client Relationships - Amazon is the largest client of Vibrant Energy, with power purchase agreements (PPAs) for about 500 MW of renewable energy capacity, including a 300 MW capacity project in Madhya Pradesh and Karnataka, and a 198 MW wind farm project in Maharashtra [9][12]. - Other notable clients include Sify Technologies, Ultratech, and Saint-Gobain India, with signed PPAs totaling 231 MW, 21.6 MW, and 75 MW respectively [10][12]. Market Context - The increasing demand for renewable energy is driving rapid growth in India's commercial and industrial sectors, highlighting the significance of companies like Inox Green and Vibrant Energy in the market [10][12].

Industry Overview - In 2025, U.S. renewables are projected to account for 24% of electricity generation, increasing from 22% in 2024, and reaching 25% in 2026, primarily driven by solar capacity growth [1] - Renewables are expected to surpass coal as the largest source of global electricity by 2026, with a projected share of 36% compared to coal's 32% [5] - The global power mix is gradually shifting towards renewables, supported by declining coal-fired generation and increased investments in clean energy technologies [6] Capacity Growth - Annual additions of solar, wind, and storage capacity in the U.S. between 2026 and 2030 are expected to range from 30 GW to 66 GW [3] - By October 2025, the U.S. had 37.4 GW of operating battery storage capacity, reflecting a 32% year-to-date increase, with an additional 19 GW under construction through 2026 [3] Investment Opportunities - Canadian Solar (CSIQ) is a leading manufacturer of solar photovoltaic modules, with a forecast of total module shipments of 25-30 GW for 2026, indicating a year-over-year revenue increase of 34.8% and earnings increase of 77.7% [9][10] - FuelCell Energy (FCEL) focuses on clean, reliable distributed power, with a projected revenue increase of 21.5% and earnings increase of 58.9% for 2026 [11][12] - NextEra Energy (NEE) expects to add 36.5-46.5 GW of new renewables from 2024 to 2027, with a projected revenue increase of 17.2% and earnings increase of 7.6% for 2026 [13][14] Market Dynamics - The expansion of data centers driven by cloud computing and AI is increasing demand for reliable electricity, which renewables are well-positioned to meet [7] - Long-term power purchase agreements and corporate investments are providing stable revenue streams and financing certainty, fostering a favorable environment for growth in the renewable energy sector [8]

Summary of Clean Tech Industry Conference Call Industry Overview - The clean tech sector in North America is expected to see a resurgence in demand in 2026, driven by improved policy clarity and data center growth [1][2] - Key companies highlighted include GE Vernova (GEV), First Solar (FSLR), and Bloom Energy (BE) as preferred investment choices [1][5] Core Insights - **Demand Drivers**: The clean tech space has faced volatility due to changing policies, but a clearer federal policy is anticipated to drive strong demand in 2026. This demand is expected to be fueled by data center power needs and utility generation plans [2][3] - **Data Center Power Demand**: Projected to reach approximately 150 GW by 2030, accounting for about 75% of incremental power demand over the next five years. Overall electricity consumption is expected to grow at nearly 3% annually through the end of the decade [3][25] - **Renewable Energy Installations**: High installation levels for utility-scale solar and storage are projected, with expectations of around 34 GW of solar installations annually over the next five years. The market may experience fluctuations due to tax credit dynamics [4][11] - **Battery Storage Growth**: Significant growth in battery storage is anticipated, with costs expected to decrease to approximately $150/kWh by the mid-2030s. By 2035, it is projected that 50% of utility-scale solar projects will include storage [15][22] Investment Themes - **Preferred Stocks**: GEV, FSLR, and BE are favored for their ability to address market scarcity and provide quick power solutions for data centers. GEV is expected to benefit from increased turbine orders and a strong backlog [5][49][48] - **Market Dynamics**: The clean tech market is expected to see a shift towards renewables, with projections indicating that renewables will constitute 35% of the US capacity mix by 2030, up from 28% today [28] - **Risks and Challenges**: The utility-scale solar market faces potential challenges from new entrants and pricing pressures, particularly affecting companies like Shoals Technologies Group (SHLS) [55][56] Additional Insights - **Tax Credit Outlook**: The One Big Beautiful Bill Act (OBBBA) introduces new restrictions and tax credit eligibility criteria that will impact project financing and development timelines [19][21] - **Market Sentiment**: The sentiment in the residential solar market is cautious due to the loss of tax credits for cash and loan sales, which may lead to revenue declines for companies like Enphase [50][63] - **Long-term Growth**: The overall US power demand is entering a structural growth phase, with an estimated CAGR of 2.6% through 2035, driven by data center expansion and electrification [23][24] Conclusion - The clean tech industry is poised for growth in 2026, with strong demand driven by data centers and supportive policies. Investment opportunities exist in companies that can navigate the evolving landscape and capitalize on the increasing need for renewable energy solutions.

Core Viewpoint - Engie SA has secured its first standalone battery-storage project in India, aiming to capitalize on the renewable energy boom and plans to triple its local clean-power capacity by 2030 [1]. Group 1: Project Details - The awarded storage system project has a capacity of 280 megawatts and is organized by Gujarat Urja Vikas Nigam Ltd, making it Engie's second-largest battery project globally upon completion in 2027 [2]. - Engie's largest battery project is currently located in the United States [2]. Group 2: Strategic Shift - Due to a slowdown in green projects in the US, Engie plans to redirect investments to countries like India, which is expected to accelerate battery installations to meet its clean-power capacity goal of 500 gigawatts by the end of the decade [3]. - The Indian grid is struggling to keep pace with the influx of intermittent solar and wind power generation, highlighting the importance of battery storage as an enabler for renewable growth [4]. Group 3: Capacity Goals - As of June, Engie had 2 gigawatts of renewable capacity in operation or under construction in India and is targeting 7 gigawatts of solar, wind, and storage by 2030 [4]. - The company aims for a total of 95 gigawatts of clean power globally by 2030 [4].

Core Insights - The International Energy Agency (IEA) projects that oil and gas demand could continue to grow until 2050, moving away from previous expectations of peak oil demand due to slower adoption of green technologies [1][2][9] - The IEA's "Current Policies Scenario" anticipates global oil demand rising to 105 million barrels per day by 2035 and 113 million barrels per day by 2050, driven mainly by petrochemical feedstocks and aviation [6][10] - The share of electric vehicles (EVs) in total car sales is expected to plateau after 2035, contributing to sustained oil demand growth into the 2030s and beyond [7][11] Demand Projections - Under the "Current Policies Scenario," global oil demand is projected to increase from 100 million barrels per day last year to 105 million barrels per day in 2035 and 113 million barrels per day in 2050 [6] - The "Stated Policies Scenario" suggests oil demand will peak at 102 million barrels per day around 2030 before gradually declining, while gas demand continues to grow into the 2030s [11] Renewable Energy Outlook - Renewables are expected to grow faster than any other major energy source, with solar photovoltaics leading the charge, particularly in China, which is projected to account for 45% to 60% of global deployment over the next decade [16] - The share of renewables in electricity generation is projected to reach nearly 55% by 2035 in the "Stated Policies Scenario," while the "Current Policies Scenario" sees slower growth due to challenges in grid integration [18] Climate Impact - The IEA warns that even with increased renewable energy adoption, energy-related emissions will not sufficiently mitigate climate risks, with global temperatures projected to rise by nearly 3°C by 2100 under the "Current Policies Scenario" [19][20] - The "Stated Policies Scenario" predicts a slightly lower temperature increase of 2.5°C, while the Net Zero Emissions scenario indicates temperatures exceeding 1.5°C for several decades before returning below that threshold by 2100 [20] Energy Security Concerns - The IEA emphasizes the importance of energy security, highlighting the need for reliable electricity grids, energy storage, and demand-side flexibility [22] - The concentration of supply in critical minerals, particularly in refining where China controls around 70% of the market for most energy-related minerals, poses significant challenges [22]