Latest news with #ICLN
El Balad
2 days ago
- Business
- El Balad
ترقية 7131 موظفا ومنح علاوة تشجيعية لـ 3072 آخرين بوزارة بالعدل
Shares of renewable energy companies are rising after a tax on solar and wind was removed from the Senate version of the One Big Beautiful Bill Act. The Senate narrowly passed the legislation Tuesday and will now be considered by the House of Representatives. The American Clean Power Association had warned that tax would up to $7 billion to the wind and solar industry's burden. Clean energy stocks rose on Tuesday after a tax on solar and wind projects was removed from the Senate version of the One Big Beautiful Bill Act. Shares of NextEra Energy, the largest renewables developer in the U.S., rose nearly 3% after the Senate narrowly passed President Donald Trump's bill on Tuesday. AES, a leading renewable provider, rose almost 2%. The megabill will now go to the House of Representatives, where lawmakers will consider the Senate's changes. The clean energy industry was surprised and outraged to find over the weekend that a tax on wind and solar projects had been inserted into a version of the Senate legislation. The tax applied to projects that use components from foreign entities of concern above a certain threshold. Foreign entities of concern is widely understood to basically refer to China. The American Clean Power Association and Solar Energy Industries Association told CNBC that the tax was struck from the Senate legislation. ACP had described the tax as punitive and warned that it would add up to $7 billion to the solar and wind industry's tax burden. The benchmark Invesco Solar ETF (TAN) was up about 4%, while the iShares Global Clean Energy ETF (ICLN) was trading more than 1% higher after the legislation passed. Shares of First Solar, the largest solar panel manufacturer in the U.S., slipped less than 1%. Sun tracker manufacturers Array Technologies and Nextracker jumped more than 11% and about 5%, respectively. Residential solar installer Sunrun rose 9% while inverter manufacturers SolarEdge and Enphase were up about 8% and 4%, respectively. But the Solar Energy Industries Association cautioned that the improvements in the Senate bill are "limited" and the legislation overall is still harmful to renewable energy. "This legislation undermines the very foundation of America's manufacturing comeback and global energy leadership," CEO Abigail Ross Hopper said in a statement. "If this bill becomes law, families will face higher electric bills, factories will shut down, Americans will lose their jobs, and our electric grid will grow weaker."
CNBC
2 days ago
- Business
- CNBC
Clean energy stocks jump after tax on solar and wind projects is removed from Trump's big bill
Clean energy stocks rose on Tuesday after a tax on solar and wind projects was removed from the Senate version of the One Big Beautiful Bill Act. Shares of NextEra Energy, the largest renewables developer in the U.S., rose nearly 3% after the Senate narrowly passed President Donald Trump's bill on Tuesday. AES, a leading renewable provider, rose almost 2%. The clean energy industry was surprised and outraged to find over the weekend that a tax on wind and solar projects had been inserted into a version of the Senate legislation. The tax applied to projects that use components from foreign entities of concern above a certain threshold. Foreign entities of concern is widely understood to basically refer to China. The American Clean Power Association and Solar Energy Industries Association told CNBC that the tax was struck from the Senate legislation. ACP had described the tax as punitive and warned that it would add up to $7 billion to the solar and wind industry's tax burden. The benchmark Invesco Solar ETF (TAN) was up about 4%, while the iShares Global Clean Energy ETF (ICLN) was trading more than 1% higher after the legislation passed. Shares of First Solar, the largest solar panel manufacturer in the U.S., slipped less than 1%. Sun tracker manufacturers Array Technologies and Nextracker jumped more than 11% and about 5%, respectively. Residential solar installer Sunrun rose 9% while inverter manufacturers SolarEdge and Enphase were up about 8% and 4%, respectively. But the Solar Energy Industries Association cautioned that the improvements in the Senate bill are "limited" and the legislation overall is still harmful to renewable energy. "This legislation undermines the very foundation of America's manufacturing comeback and global energy leadership," CEO Abigail Ross Hopper said in a statement. "If this bill becomes law, families will face higher electric bills, factories will shut down, Americans will lose their jobs, and our electric grid will grow weaker."
Yahoo
18-06-2025
- Business
- Yahoo
Alternative Energy ETFs Tumble With Tax Credits in Jeopardy
Alternative energy ETFs plunged on Tuesday after the Senate released a draft of its version of the so-called 'Big, Beautiful Bill,' a sweeping legislative package that, like the House version passed last month, proposes deep cuts to renewable energy subsidies. The iShares Global Clean Energy ETF (ICLN) and the Invesco Solar ETF (TAN) were down 4.5% and 9.5%, respectively, midday. The selloff was driven by language in the bill that accelerates the phaseout of clean energy tax credits originally established under the Inflation Reduction Act. Under President Joe Biden's original law, tax credits for solar and wind projects were set to gradually phase out starting in 2032. But the Senate bill would begin scaling them back much earlier. According to the bill's summary, 'For investments in wind or solar technology, the provision begins phasing out in calendar year 2026, with credit values for such investments the construction of which begins in 2026 receiving only 60 percent of the value of the credit. In 2027, these investments receive only 20 percent of the credit, and by 2028, there is no longer an investment tax credit for these technologies.' However, not all clean energy sectors were hit equally by the Senate draft. It was more generous toward other technologies like nuclear, hydropower and geothermal, extending the availability of tax credits into the next decade. 'For all other qualified facilities, such as hydropower, nuclear and geothermal, the provision phases out as if the 'later of' rule did not apply, with these facilities receiving 100 percent of the credit for qualified facilities the construction of which begins in 2033, 75 percent in 2034, 50 percent in 2035 and 0 percent in 2036,' the bill summary reads. That's a notable improvement from the House version, which required nuclear projects to begin construction by 2028 to qualify. The Range Nuclear Renaissance ETF (NUKZ), which has surged in 2025 amid renewed interest in nuclear power, traded down less than 1% on the day, far outperforming its solar and wind | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
