NEW YORK, NY -- (Marketwire) -- 06/26/12 -- Solar stocks have been on the upswing recently on surprisingly strong demand in Europe and China. The Guggenheim Solar ETF (TAN) has risen nearly 7 percent in the last month. Companies received a boost Friday after a Citibank analyst saw a bottom for the industry. The Paragon Report examines investing opportunities in the Solar Industry and provides equity research Suntech Power Holdings Co., Ltd. (NYSE: STP) and SunPower Corporation (NASDAQ: SPWR).
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A recent Associated Press article reported that solar stocks rose after Citibank suggested the global demand for solar panels was increasing. Renewable energy demand may have reached a low point but is prepared to grow as prices are approaching the levers of power from traditional sources, Citibank analyst Timothy Arcuri wrote in a research note. Arcuri said new demand is developing from countries such as Bahrain, Jordan, Chile, Ukraine, Serbia and Puerto Rico where solar is an option even without subsidies.
The recent drop in panel prices has made them more attractive to homeowners and utilities. Solar panel prices have decreased 47 percent and as a result solar installations in the U.S. have soared 85 percent in the first quarter of 2012.
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Suntech is a first-mover in driving solar energy adoption in Southeast Asia, and works with local partners to deliver high-quality and cost-effective solar electricity solutions. With one of the largest distribution networks in Southeast Asia, Suntech provides customized solar products for a wide range of solar applications. Shares of the company rose nearly 4 percent Friday.
Campbell Soup Company, BNB Renewable Energy Holdings, Enfinity America Corporation, FirstEnergy Solutions and SunPower Corp. recently celebrated the completion of a 9.8-megawatt (MW) solar power system at Campbell's manufacturing facility in Napoleon, Ohio. More than 200 jobs were created during construction of the system, which is now generating the equivalent of 15 percent of the facility's annual electricity requirements. Shares of SunPower jumped nearly 5 percent Friday.
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