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Enphase Energy (ENPH) Launches IQ 7+ Microinverters in Brazil

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Enphase Energy, Inc. ENPH recently launched its IQ 7+ solar microinverters in Brazil, with shipping expected to start in October 2021. This marked Enphase’s foray into the Brazilian solar market.

The company is currently in discussions with local financing partners like Solfácil to expand the availability of Enphase products across the nation.

Importance of IQ 7+

The high-powered smart grid-ready Enphase IQ 7+ microinverters dramatically simplify the installation process while achieving the highest system efficiency. These leverage Enphase's unique software-defined architecture and semiconductor integration for excellent reliability and economies of scale.

Benefits of the Launch

As per projections made by the Brazilian Solar Photovoltaic Energy Association (ABSOLAR), new private investments in the solar sector may exceed the amount of BRL 22.6 billion in 2021, including both small and medium-scale systems and utility-scale systems.

Consequently, more than 4.9 gigawatts (GW) of installed power will be added to the Brazilian solar market, thereby representing growth of more than 68% over the current solar PV installed capacity in the country, presently at 7.5 GW.

No doubt such growth prospects of the Brazilian solar market must have attracted Enphase Energy to expand its footprint in this nation.

This launch is expected to boost Enphase’s top-line growth in the coming days, once the microinverters start getting shipped to the nation from next month.

Peer Moves

The abundant growth prospects that the Brazilian solar market offers for solar companies must have encouraged other solar players to take initiatives for expanding their market share in this nation.

For instance, in July 2021, Canadian Solar CSIQ closed a BRL 500 million financing facility with Brazilian banks, which it will use for the development and construction of solar projects in Brazil.

In January 2020, JinkoSolar JKS signed a long-term partnership with Brazil’s ALDO Solar, which represented one of the biggest distribution agreements in the company’s history.

In May 2021, ReneSola SOL announced that it has won 35 MW and 110 MW in module tenders in Brazil and is expected to achieve 200MW in shipments in 2021.

Price Performance & Zacks Rank

In a year’s time, shares of Enphase have gained 86.5% against the industry’s decline of 2%.

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The company 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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Renesola Ltd. (SOL): Free Stock Analysis Report

JinkoSolar Holding Company Limited (JKS): Free Stock Analysis Report

Canadian Solar Inc. (CSIQ): Free Stock Analysis Report

Enphase Energy, Inc. (ENPH): Free Stock Analysis Report

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