Top ASX solar players under the spotlight amid rising energy demand

Highlights

  • Energy demand is increasing day by day as the global population grows.
  • The solar energy industry has made tremendous growth in the past few years.
  • At the end of 2020, there was more than 700 GW of solar capacity installed around the world.

With a continuous rise in the global population, energy demand has incessantly grown. Renewable energy is on the priority list of almost every government across the globe, including China, India, and Australia, where most of the electricity is generated through high carbon-emitting coal.

Nowadays, investors are more cautious about choosing companies supporting the environment, dodging fossil fuel supporters responsible for the global temperature rise. As per records of the Responsible Investment Association Australasia (RIAA), companies that support renewable energy and energy efficiency are among the most popular choice of investors in 2021.

INTERESTING READ: Solar Energy In Australia- Where Are The Pockets Of Opportunities?

The solar energy industry has made tremendous growth in the past few years. At the end of 2020, there was more than 700 GW of solar capacity installed around the world, as per records of the Australian Renewable Energy Agency.

Solar PV generated nearly 10% of the total electricity generated in Australia in 2020-21, recording the fastest growing electricity generation type in Australia. Apart from this, the country has more than 30% of Australian households that have rooftop solar PV installed, with a consolidated capacity of more than 11GW.

In the backdrop of this, let’s have a look at four solar stocks of Australia that have performed tremendously well in the past.

ASX Solar Stocks

Source: ASX as of 26 October 2021

New Energy Solar

Based in Sydney, New Energy Solar (ASX:NEW) owns diversified solar assets globally. The company is engaged in the acquisition of large-scale solar projects that can generate returns from long-term power purchases.

On Monday, the company announced the successful completion of its off-market share buyback with the company buying back a total of 35,526,991 Shares. NEW has raised over AU$500 million of equity since its establishment.

GOOD READ: Top five renewable energy stocks on ASX

Mercury NZ Limited

Mercury NZ Limited (ASX:MCY) is a New Zealand electricity retailing and generation company. The company is a pure play green energy player. MCY is listed on the New Zealand Stock Exchange and the Australian Stock Exchange.

On 19 October, MCY provided an update on returning its services for five adjacent turbines in the Tararua Wind Farm.

Genex Power

Genex Power (ASX:GNX) is engaged in generating renewable energy portfolio and storage projects across Australia. The company holds and operates the Kidston Clean Energy Hub flagship project in Queensland.

Solar Stocks

Solar Stocks | Source: © Lovelyday12 | Megapixl.com

During the last quarter, GNX has inked a supply agreement with Tesla for the Bouldercombe Battery Project, a key milestone towards achieving the Final Investment Decision in Q2 FY22.

Ausnet Services Ltd

Ausnet Services Ltd (ASX:AST) is headquartered in Southbank, Australia. AST is one of the leading players in the country’s energy sector and operates in gas and electricity distribution and transmission.

On Tuesday, the energy sector player agreed to grant due diligence access to APA Group following its entry into a confidentiality deed.

MUST WATCH: How to turn your window panes into Transparent solar panels?

Bottom Line

The solar energy industry has made tremendous growth in the past few years as investors are more cautiously choosing companies supporting the environment.

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