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Enphase Energy (ENPH) Launches IQ 7 Microinverters in Italy

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Enphase Energy, Inc. ENPH recently announced the launch of its IQ 7 familyof microinverters in Italy.The move further expanded the company’s footprint in the European residential solar market. The growing demand for solar panels in the region has beenboostingthe demand for microinverters, thus enablingEnphase Energyto foray into Italy.

Along with the microinverters, Enphase Energywill supply its Q-Relay safety devices and the Enphase Envoy communications gateways, which connect Enphase systems to the Enphase Enlighten monitoring platform, which in turn will make energy monitoring and maintenance easy.

Significance of IQ 7

Enphase Energy’s IQ 7 microinverter series, which includes IQ 7, IQ 7+ IQ 7A and IQ 7X, is built on the seventh-generation platform and achieves the highest efficiency for module-level power electronics. Its polymeric enclosure and revolutionary cabling system aids in simplifying installation. Theseries’ unique software-defined architecture and semiconductor integration offers excellent reliability and economies of scale.

Enphase Energy’s Growth Prospects in Italy

The solar market in Italy is gaining momentum as indicated by the data released by Italian renewable energy association, ANIE Rinnovabili, and data provided by grid operator Terna. Evidently, 152 MW of solar power has been installed in the first three months of 2021 as compared to 115 MW installed in the same period last year.

Looking ahead, per a report from Mordor Intelligence, the Italian solar market is projected to witness a CAGR of 7% over the period of 2020-2025. Since microinverters forman integral part of the solar market, such growth projection offers ample opportunities for prominent microinverter makers like Enphase Energy to expand their footprint in the country. The latest launch is testament to the same.

Growth Outlook in Europe

As per a Solar Power Europe report, the EU could witness solar power installations of 22.4 gigawatts (GW) in 2021, 27.4 GW in 2022, and 30.8 GW in 2023, thus bringing the total installed capacity to 253 GW.

Such growth prospects have been encouraging the solar companies to expand their footprint in the region. In a bid tostrengthen its presence in the growing European solar market, Enphase Energy made successful launches of IQ 7 in Belgium and Netherlands in 2020.

Alongside Enphase Energy, other solar players that have already set foot in Europe include Canadian Solar Inc. CSIQ, ReneSola Ltd. SOL and First Solar FSLR.

In May 2021, Canadian Solar announced that it has entered into a long-term power purchase agreement with Axpo Italia, which will enable the latter to buy 12 MWp (megawatt-peak) from two solar plants in Italy.

In September 2021, ReneSola and Eiffel Investment Group’s joint venture announced that it has completed the acquisition of its first batch of solar projects with a combined capacity of 200MW in multiple European countries.

In September 2020, First Solar announced that France-based JP Energie Environment has chosen its Series 6 photovoltaic solar modules to power the 59MW DC Labarde solar power plant.

Price Movement

In the past one year, the shares of Enphase Energy have gained 47.9%, against the industry’s decline of 13.3%.

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Zacks Rank

Enphase Energy currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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