Citigroup Investment Research AM Note:
March 10, 2008
SUMMARY
Reelection results in more favorable tariff policies - Spain is the world's second-largest solar market, and strong Spanish solar growth has been driven by generous solar feed-in tariffs from the Socialist-led government. We expect that reelection of the Socialist Party will result in more favorable solar tariff policies post the current policy's expiration on 30 September 2008. The new Spanish solar tariff and installation cap will be announced in May timeframe.
Expect a relief rally - Given the significant share price declines of the solar sector in the last several weeks, we would not be surprised to see a relief rally for the group over coming sessions.
March 10, 2008
Incumbent Socialist Party's Win in Spanish Election Is a Significant Positive for Solar
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