Solar stocks, including Nextracker, experienced a decline after the House of Representatives passed a tax bill that terminates key clean energy credits. The legislation specifically targets investment and electricity production credits for clean energy facilities.
Under the new bill, these credits would end for projects that begin construction 60 days after the legislation is enacted or enter service after December 31, 2028. This change is seen as a significant blow to the rapid expansion of utility-scale solar projects in the U.S.
Jefferies analysts described the Republican bill as a "worse than feared" scenario for clean energy, stating it takes a "sledgehammer" to the Inflation Reduction Act. Nextracker's stock fell approximately 3% following the news, reflecting investor concerns about the policy's impact.
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