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Enphase Energy (ENPH) Unveils IQ8 Microinverters in Finland

Enphase Energy, Inc. ENPH recently launched its latest IQ8 Microinverters in the solar market of Finland. The IQ8 Microinverters, which come with peak output alternating current (AC) power of 384 watts (W), have the ability to support higher powered solar modules.

This launch reflects yet another effort of Enphase Energy to expand its footprint in the growing European solar market following its partnership announcement with the U.K.’s Octopus Energy Group in April 2024.

Significance of IQ8 Microinverters

IQ8 Microinverter is Enphase Energy’s latest and most powerful microinverter available to date. As IQ8 operates at low-voltage AC power instead of high-voltage direct current (DC) power, these microinverters are safer to use. The three variants of IQ8 Microinverters, IQ8MC, IQ8AC and IQ8HC, are designed to function in tandem with a wide range of solar modules up to 560 W DC.

Enphase is providing a 25-year limited warranty on these IQ8 Microinverters that have been recently launched in Finland.

Why Finland?

By the end of 2023, Finland’s installed solar capacity amounted to about 1 gigawatt (GW) and is projected to almost triple by 2030, as stated by Solar Power Europe. Such growth prospects of the solar market in Finland must have attracted Enphase Energy to launch its IQ8 Microinverters in this country.

ENPH’s Prospects in Europe’s Solar Market

Apart from Finland, nations across Europe are rapidly expanding their portfolio of renewable energy sources. To this end, Solar Power Europe predicts an 11% annual increase in solar installations in Europe to 62 GW predicted by 2024-end.

This naturally offers profitable incentives to solar players like Enphase Energy to expand their footprint in this region. The company has been progressively increasing its market share in the European solar industry. In the first quarter of 2024, Enphase’s revenues from Europe increased a solid 70% sequentially.

In April 2024, ENPH launched its IQ8 Microinverters in France and Spain. In January, this product was introduced in Belgium.

Such product launches, including the latest one in Finland, can be expected to further boost ENPH’s top-line performance in the European solar market in the coming days.

Peers to Benefit

Other prominent solar players like Canadian Solar CSIQ, Emeren Group SOL and SolarEdge Technologies SEDG are also expanding their footprint to reap the benefits of the expanding European solar energy market.

Canadian Solar has a strong presence in Germany, the United Kingdom, Poland, Spain, Italy, France and the Netherlands. As of Jan 31, 2024, CSIQ’s Recurrent Energy had a solar development project pipeline of 9,915 megawatt-peak (MWp) in the EMEA region.

CSIQ has a long-term (three to five years) earnings growth rate of 25%. The Zacks Consensus Estimate for its 2024 sales implies an improvement of 2.7% from the prior-year figure.

Emeren has a presence in Europe since 2012. As of Dec 31, 2023, the company had 1,549 megawatts (MW) of advanced-stage pipeline and 5,704 MW of early-stage solar development project pipeline in Europe.

The Zacks Consensus Estimate for SOL’s 2024 sales implies an improvement of 41% from the prior-year figure. Its shares have risen 17.2% in the past month.

SolarEdge has a strong presence in Germany, the United Kingdom and Switzerland. On Mar 28, 2024, SolarEdge rolled out dynamic rate optimization capability, powered by the SolarEdge ONE system, in the Netherlands.

SEDG’s long-term earnings growth rate is 14.8%.  Its shares have surged 130.1% in the past 10 years.

Price Movement

In the past six months, shares of Enphase Energy have risen 11.3% compared with the industry’s average growth of 25.8%.

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Zacks Rank

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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