The surpising success of the Green Party in a German election March 27 sparked an across-the-board jolt for solar stocks March 28, some moving up more than 5 percent. Even smallcap Evergreen Solar (Nasdaq: ESLR, http://www.evergreensolar.com/), which has slumped for nearly the entire past 12 months, traded up nearly 4 percent to $1.34.
The Green Party’s success was attributed to the country’s “deep-seated aversion to nuclear power” and the recent earthquake and ensuing tsunami that damaged the Fukushima Daiichi plant has galvanized opposition,” according to the New York Times. Germany is one of the world leaders in solar power innovation and construction and investors apparently saw the advance of the Green Party as evidence that the country would renew its subsidies for the solar industry.
Other smallcap solar stocks on the move March 28 included China-based Renesola Ltd. (NYSE:SOL, http://www.renesola.com/) up 4.2 percent to $9.38; Canada-based Canadian Solar (Nasdaq:CSIQ, http://www.canadian-solar.com/) up 2.34 percent to $11.38; China-based Hanwha SolarOne Co, formerly known as Solarfun Power Holdings, (Nasdaq: HSOL, http://www.hanwha-solarone.com/) up 4.36 percent to $7.54; and China-based JinkoSolar Holding Co (NYSE:JKS, http://www.jinkosolar.com/) up 5.3 percent to $26.75.
The midcap and largecap solar stocks enjoyed the day’s trading as well. China-based Yingli Green Energy Holding (NYSE:YGE, http://www.yinglisolar.com/) was up 5.8 percent to $12.86; Tempe, AZ-based First Solar (Nasdaq:FSLR, http://www.firstsolar.com/) traded up 1.9 percent to $153.28; China-based LDK Solar (NYSE:LDK, http://www.ldksolar.com/) up 4.1 percent to $11.71; San Jose, CA-based Sun Power Corp. (Nasdaq:SPWRA, http://us.sunpowercorp.com/) up .8 percent to $16.53; China-based Trina Solar (NYSE:TSL, http://www.trinasolar.com/) up nearly 3 percent to $28.60