Clean Energy
ARRY Array Technologies, Inc.
BE Bloom Energy Corp.
CSIQ Canadian Solar Inc
ENLT Enlight Renewable Energy Ltd
ENPH Enphase Energy, Inc.
FSLR First Solar, Inc.
FLNC Fluence Energy, Inc.
GEV GE Vernova
HASI Hannon Armstrong Sustainable Infrastructure
NXT Nextracker, Inc.
MAXN Maxeon Solar Technologies, Ltd.
NOVA Sunnova Energy International Inc.
RUN Sunrun Inc
RNW ReNew Energy Global Plc
SHLS Shoals Technologies Group, Inc.
SEDG SolarEdge Technologies, Inc.
Differentiated Product
Investors like our detailed company models and sector analysis, coupled with periodic channel checks. We have been counter-consensus in our view that 45X manufacturing incentives will be repealed, and have consistently provided valuation frameworks that break down 45X vs core earnings. We were the first to look at prior gas demand rush and estimate the upside to GEV margins. Lastly, we were the first to publish on FSLR’s strong patent portfolio, which was the basis for our Feb 2025 upgrade. Investors appreciated our carefully considered modeling, and channel checks with a deep bench of industry experts in our network.
Key Reports
• Initiations – CSIQ, BE, and FLNC
• 2/11 – FSLR upgrade on TOPcon patents, and follow up note on Q4 warranty charge
• Initial tariff analysis and detailed updates as the policy evolved
• 10/18/24 – GEV margin power based on Y2K trends
• GenAI power demand – First report on 8/16/24, Update on 12/12/24
• Election scenarios – 3/26/24, 7/31/24, 10/29/24 – followed by PT change post election in November 2024
Notable Events
• May Utility solar meetings – ARRY, FSLR, CSIQ, SHLS
• Mizuho PEI conference – Dec 2024: HASI, SEDG, SHLS
• Corporate fireside chats: BE, OKLO, NuScale
• Expert conference calls: Nuclear Energy Institute
• CRAI on gas turbine demand, Holtec, DC policy update with David Landers
Analyst Bio
Maheep is a senior analyst with 14 years experience covering clean energy and renewables in the New York. He joined Mizuho in late 2023 and launched coverage in November 2023. Prior to Mizuho was at Credit Suisse for 12 years and most recently as Director of equity research. Prior to CS was Sr. analyst at CRISIL Chennai for 3 yrs. Was II rising star in 2018 and ranked runner-up from 2019-2022 in All-Americas Research Team survey. He holds an MBA from the Institute of Management at Nirma University and a Bachelor’s in Electrical Engineering from Gujarat University.