The world is grappling with climate change and countries are taking up the task along
with corporate giants, Small and Medium Startups in the renewable energy space. In fact, if
we look around, we will find so many around us are taking up steps to reduce our carbon
footprints and promote Clean Energy. You must be wondering why I am telling this today,
well, let me start from the start. Hi, I am Holly; in today’s BUZZING TRENDS show we are going to take
a look at the leading stocks of Solar companies contributing to the cause of Clean Energy
and their projected growth on the Australian Stock Exchange. So, let’s Begin…
Backed by favourable government policies, abundant solar resources, and growing demand
for electricity, the solar energy industry is rapidly growing in Australia. The Australian
government is a significant contributor to the promotion and increasing adoption of solar photovoltaic.
It has an ongoing ‘Clean Energy Initiative Solar Flagships Program’ to aid the development
of large-scale solar power plants. With a rising interest in solar power, quite a
few ASX players engaged in this space are grabbing attention. Time to take a
look at leading Stocks of Solar Companies.
To kick it off, Meridian Energy goes with the ticker code MEZ. Incorporated in 1998,
Wellington-based Meridian Energy engages in the trading, generation, and retailing of
electricity. It generates electricity through wind farms, hydropower stations, and solar
farms in Australia and New Zealand. The Company also provides financial and software development
services. Recently, Meridian Energy and one of New Zealand's largest energy retailers
and generators, Contact Energy announced they are looking to build the largest-ever green
hydrogen plant in New Zealand. Over NZ$200 billion has been committed by the private
sector and governments to aid the hydrogen economies development. Now, looking at some
financials, in its June operating report, the company reported that its national hydro
storage increased to 92% of the historical average. Meridian Energy reported a 2.2%
increase in sales for the residential segment,
a 37.5% increase in sales in the small-medium business segment, and a 15.4% increase in
corporate sales.
Sales retail volume were also up 12.8% for the New Zealand division. On 22 July,
Meridian shares closed at AU$5.080, down 0.393%.
The next one on our list is Mercury NZ trades on ASX with the ticker MCY. Founded in
1998, Mercury NZ is a New Zealand-based energy firm engaged in producing, trading, and selling
electricity and other related activities. Its business operates through Generation and Wholesale retail and other
different segments. The company is also trialing battery tech combined with solar generation. It recently
entered into a binding agreement with New Zealand electricity generation and retailing
company, Trustpower to acquire its retail business for NZ$441 million.
In financial year 2020, Mercury NZ reported a 9.1% increase in sales. On 22 July, Mercury
NZ shares closed at AU$6.460, up 0.310%.
Moving on to the next one on our list is Infratil goes wit the ticker code IFT. New Zealand-based utility
firm, Infratail, owns and operates investments and infrastructure business in New Zealand,
Australia and the US and Europe. It retails electricity, natural gas, telecommunication
services, and bottled LNG that is Liquefied natural gas. The company is also a renewable
energy developer throughout North America. Infratail is a largescale renewable energy developer
and owns 22 hydropower stations. The Company announced last month that alternative asset
manager, Morrison & Co. had acquired about 2.65 million of its shares for a consideration
of about AU$20 million.
Infratil had approved the on-market acquisition back in March.
On 22 July, Infratail shares closed at AU$7.100, down 0.281%.
Moving on to another Solar company stock is Genex Power trades on ASX with the ticker GNX.
Focused on generating and storing renewable energy, the Australia-based power generation
firm debuted on the ASX in July 2015. Genex is engaged in generating power through hydro,
solar, and wind projects.
Genex’s major flagships project include Kidston Clean Energy Hub, located in Queensland. This
will integrate large-scale solar generation along with pumped storage hydro.
In its quarterly report released on 29 April, Genex reported net revenue of AU$3.5 million under the 50 megawatts Kidston Solar
Project in March quarter. The Company also made significant progress with the
K2-Hydro project – also known as Kidston Pumped Storage Hydro project. The Company is also
excited to expand its energy storage portfolio via development of a 50 megawats battery
energy storage system in Queensland. Some of its other projects also include the Jemalong Solar
Project that was initiated in December. Genex acquired the Jemalong project in 2018 from
Australia-based technology company Vast Solar. On 22 July, Genex shares were trading
at AU$0.230, in line with the previous close. [Text Wrapping Break]
Last but not the least next company on our list of leading Solar stock is… AGL
Energy goes with the ticker code IGE.
Engaged in generating electricity through solar power generation plants, hydro, wind,
and thermal plants, AGL Energy deals with the retail sale of electricity gas, solar,
and energy-related products, and services. The Company is a large-scale energy provider to
residential, wholesale customers, and small & large businesses in Australia.
AGL recently confirmed a demerger to create two different energy businesses with separate
listings on the ASX. The Company has also reported a savings of around AU$150 million
in its expenditure savings in half-year financial year 2021.
The Company feels confident in growing its customer base with a target of 4.5 million
services by financial year 2024.
On 22 July, AGL Energy shares ended at AU$7.960, up 0.632%.
Alright, this was our take on leading stocks of various solar companies that are
growing and are projected to grow in future. Hope you liked this episode of the Buzzing trends
on leading Solar Company stocks listed on ASX. Keep watching Kalkine TV for more interesting
insights. This is Holly, signing off.