Shares of several renewable energy companies traded lower on Wednesday after Donald Trump was declared the winner of the presidential election, affording him a second term in the White House. Solar companies were hit particularly hard, with Enphase Energy plummeting more than 18% and First Solar dropping more than 12%. Brookfield Renewable Partners was down over 8%. Shares in European clean energy groups tumbled Wednesday, too.
The president-elect has vowed to scrap offshore wind projects through an executive order on his first day in office and to roll back the climate regulations implemented under Biden. Following Trump's victory, Deutsche Bank wrote in a note to clients, "A full repeal of the IRA would depend on Congress, although significant changes might be possible.
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