Enphase Energy (ENPH) Makes Headway in France, Launches EIN
Enphase Energy, Inc.ENPH recently unveiled its Enphase Installer Network(EIN) in France. This highlights Enphase Energy’s continuous focus on expanding its global footprint through new-age digital platforms, with EIN offering solar installers a range of innovative digital tools and exclusive benefits.
Significance of EIN
As part of the development of a digital platform at ENPH, EIN is backed by significant enhancements to the installer-facing functionality of the Enphase App.
Digital components available to EIN members combine analytics with business growth tools, customer-support enhancements and services, which will enable installers to deliver enhanced customer experiences over the lifespan of their solar systems and improve business efficiency and profits.
Homeowners in France can now easily locate an EIN installer within their area using the ‘Find an installer’ tools accessible on the Enphase website.
Benefits of EIN’s Launch in France
The solar market in France is progressing at a significant pace, which tends to provide ample opportunities for solar developers to capitalize on the growing trend. Therefore, it is imperative to mention that France aims to install more than 100 gigawatts of solar capacity by 2050 as stated by President Emmanuel Macron this February.
As France advances toward achieving its clean energy goals, such an ambitious solar target tends to provide an upswing for the battery storage market as well. In this context, Enphase Energy’s microinverter-based solar and battery systems, which aim to provide reliable and high-performing solar technology for customers, are expected to witness a northward trend in demand in the region.
Thus, the recent launch of EIN in the country seems to be a profitable strategy adopted by Enphase Energy to tap the growing opportunities in the solar market in France, which, in turn, should bolster its revenue generation prospects.
European Solar Market Boom & Peer Moves
Not only France but also the European Union as a whole is accelerating toward the transformation of the energy sector away from fossil fuels to becoming carbon-neutral. The solar photovoltaic (PV) market in Europe is likely to witness a CAGR of 11.4% over the 2022-2027 period, per the report from Mordor Intelligence.
As the expansion of the solar energy market is instrumental to the growth of the battery storage market, it provides ENPH with an opportunity to further expand its footprint in the other regions of Europe as well.
Solar players who already tapped the solar market in Europe to enjoy the perks that the market offers areSunPower SPWR, ReneSola SOL and Canadian Solar CSIQ.
SunPower has its largest solar plant in Italy, the Montalto di Castro solar PV power plant. The Montalto di Castro Solar Project is a 51.4-megawatt (MW) solar PV power project that produces enough power for 13,000 homes and avoids 22,000 tons of CO2 emissions per year.
The Zacks Consensus Estimate for SunPower’s 2022 earnings suggests growth of a solid 385.7% from the prior-year figure. Shares of SPWR have rallied 7.8% in the past three months.
In April 2022, ReneSola closed the sale of a 24 MW solar-plus-storage project, Ducklington, in the United Kingdom to Innova. The project was sold at the "Ready to Build" stage, with the development designed to operate for around 40 years.
The Zacks Consensus Estimate for ReneSola’s 2022 sales indicates a growth rate of 39.5% from the prior-year reported figure. The Zacks Consensus Estimate for SOL’s 2023 earnings suggests an improvement of 103% from the prior-year estimated figure.
In March 2022, Canadian Solar became the largest solar developer in Italy after signing the 84-megawatt-peak 10-year power purchase agreement with Axpo Italia.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates a 37.7% improvement over the prior-year quarter’s reported figure. CSIQ shares have appreciated 22.6% in the past three months.
In the past year, shares of Enphase Energy have rallied 23.7% against the industry’s decline of 25%.
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Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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