Waaree Energies, Acme Solar rose up to 8% this week: Check renewable energy stocks performance this week

India’s renewable energy stocks posted a mixed performance during the week ended February 21 due to company-centric developments.

While two of the stocks showed a sharp uptick on account of new orders, another posted a significant decline due to regulatory issues. Most other stocks remained flat on a weekly basis.

Despite a weak market, Waaree Energies and ACME Solar Holdings, two of the leading renewable energy stocks, gained 6-8% this week.

Adani Green Energy (▼ 4.45%)

The decline was part of the broader correction in Adani Group stocks this week after the US Securities and Exchange Commission (SEC) asked the Indian authorities to help investigate the group’s founder and chairman, Gautam Adani.

The SEC is investigating an alleged bribery scheme of $265 million and has informed a district court in New York that it was making efforts to deliver its complaint to the founder and his nephew, Sagar Adani. It informed that it was seeking help from India’s law ministry to do the same.

Waaree Energies (▲ 6.8%)

Earlier this week, Waaree Energies announced securing an order from a domestic entity to supply solar photovoltaic (PV) modules of 362.5 MWp capacity. The company did not disclose the name of the entity that placed the order but informed the stock exchanges that it was a one-time deal. The supply of modules is scheduled to commence in 2025-26.

NTPC Green Energy ( ▼ 1.54%)

NGEL announced this week that the company has signed a memorandum of understanding (MoU) with Bharat Light and Power Pvt Ltd (BLP) to accelerate the pace of attaining green energy objectives and support India’s carbon-neutral goals. The agreement aims to jointly explore the off-take of green hydrogen and its derivatives from NGEL and its affiliates to third parties.

Premier Energies (▲ 0.85%)

Expressing concerns on the outlook of new business from the US, the Premier Energy management said that it remained unclear as to what the new US administration will do with the Inflation Reduction Act (IRA) of 2022. IRA is the most significant climate legislation in US history, offering funding, programmes and incentives to accelerate the transition to a clean energy economy. The Trump administration has currently paused the IRA. However, the management remains hopeful that the US demand will remain strong despite all the uncertainty as solar energy is the cheapest form of energy.

KPI Green Energy (▼ 2.35%)

This week, KPI Green Energy began trading ex-dividend on Tuesday, February 18. The company had declared a third interim dividend for the financial year 2024-25 at 4%, or ₹0.2, per equity share of a face value of ₹5 apiece.

ACME Solar Holdings (▲ 7.98%)

There was no immediate trigger behind the sharp gain in the stock price, but experts saw it as a pullback rally after Acme Solar shares corrected 22.7% in the preceding week amid the broader market selloff.