Clean energy stocks were climbing Wednesday, boosted by provisions in the $900 billion bipartisan coronavirus relief package that feature such items as extensions on the solar and wind production tax credit.
Clean Energy FuelsCLNEwas up 8%, while FuelCell EnergyFCELrose 14%, EnergousWATTgained 16% and JinkoSolar HoldingJKSwas up 3.8%.
The stimulus bill includes a $35.2 billion stipulation for alternative fuels and new energy technologies. Morgan Stanley analyst Stephen Byrd said he believes the legislation provides “high level potential benefits to growth for renewable energy."
The legislation extends the Investment Tax Credit (ITC) for solar projects by two years, the Production Tax Credit (PTC) for wind projects and certain other technologies by one year, and creates a new 30% ITC for offshore wind projects that start construction through 2025.
The legislation also delays planned phase-downs of wind and solar tax credits, while creating a new class of technology eligible for the ITC: waste-to-energy projects, where properties generate electricity solely from heat from buildings or equipment, if the primary purpose of that building or equipment is not the generation of electricity.
The legislation also phases-down the production and use of hydrofluorocarbons (HFCs), a class of greenhouse gases used for cooling and refrigeration, by 85% over the next 15 years.
President Donald Trump has called the stimulus bill a "disgrace" and urged lawmakers to boost the stimulus checks due to most Americans to $2,000 from $600.
House Speaker Nancy Pelosi supported increasing the size of the stimulus checks and said the House would try to pass the additional measure during a pro forma session on Thursday.
Separately, Clean Energy Fuels expanded a partnership with TotalTOT, creating a joint venture to develop carbon-negative renewable natural gas production facilities. The company also reached a deal with BPBPto make more carbon-negative fuel available for transportation.
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