The stock price of Hanwha Solution is soaring ahead of the U.S. presidential election less than 100 days away. This is because Democratic presidential candidate and former Vice President Joe Biden, who is ahead of President Donald Trump in opinion polls, is espousing eco-friendly policies, including the installation of 500 million solar modules.
Hanwha Solution’s stock price jumped 33 percent to 25,950 won at the closing price on July 24, compared to 19,450 won on June 24, just a month ago.
Market watchers say that the stock price rise reflected expectations for Biden’s eco-friendly policies. According to a recent analysis by RealClearPolitics, Biden was ahead of Trump with 49.3 percent versus 40.7 percent in nine nationwide polls over the June 27 to July 15 period.
Former Vice President Biden and Bernie Sanders, who was a Democratic presidential candidate, announced a draft of their joint presidential campaign pledgesÂ on July 8 (local time). The pledges included installing 500 million solar modules throughout the United States.
The U.S. is the main market for Hanwha Solution’s solar energy business, accounting for 25 to 30 percent of Hanwha Solution’s solar panel sales.
Hanwha Q Cells, Hanwha Solution’s solar business brand topped the U.S. housing solar market with a 25.2 percent share in 2019, Energy consulting firm Wood Mackenzie said. It also topped the U.S. commercial solar market with a 13.3 percent share.