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Kommentar: Trotz Herausforderungen in der Erneuerbare-Energien-Branche bieten sich Chancen, insbesondere bei Solarprojekten

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Markus Kubesch, Portfolio Manager for Infrastructure Stocks at Asset Manager Bantleon, suggests that investors should differentiate between wind and solar projects as operators of offshore wind farms are currently suffering while operators of solar parks are benefiting from significant price declines in solar modules. In recent months, developers in the renewable energy sector have been struggling with increased financing costs, supply shortages, and cost increases from suppliers. In addition, doubts about the extent of government subsidies for the wind power industry are growing. In contrast to the problems faced by operators of offshore wind farms, Kubesch sees a favorable environment for developers and operators of solar parks. The costs of building solar installations are primarily driven by prices for solar modules, which account for approximately 80% of total costs. Due to substantial import surpluses of modules from China, European wholesalers‘ inventories are overflowing. According to European manufacturers, these stocks are now being sold at record low prices. This leads to up to 3% higher returns on currently executed projects. Furthermore, these profits can be realized in the short term due to significantly shorter development and construction phases compared to wind farms. Given the different conditions for various business models in the renewable energy sector, Kubesch emphasizes the importance of considering both cross-industry factors and company-specific risks. Growth expectations for Ørsted and many other companies in the renewable energy sector are already largely priced in. However, growth will be urgently needed to achieve global energy transition goals. Accordingly, stock prices should offer upward potential again once headwinds subside, concludes Kubesch in his market commentary.


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