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PORTLAND, Tenn. - Shoals Technologies Group, Inc. (NASDAQ:SHLS), a $940 million market cap renewable energy equipment provider with annual revenues of $400 million, announced Monday the groundbreaking of the Maryvale Solar and Energy Storage Project in New South Wales, Australia, in partnership with PCL Construction and clean energy provider Gentari. According to InvestingPro data, the company maintains a healthy 33.7% gross margin, positioning it well for this major project.
The project, located near Wellington in central western New South Wales, will deliver approximately 243 MW of solar generation capacity paired with 172 MW of battery storage, making it one of Australia’s largest DC-coupled solar and battery energy storage systems. The project announcement comes as InvestingPro analysis shows Shoals trading below its Fair Value, with 8 analysts recently revising their earnings expectations upward for the upcoming period.
PCL Construction will utilize Shoals’ string harnesses, SuperJumpers, and Super Combiners for the installation. Construction has already begun, with commercial operations expected to start in early 2027.
"The Maryvale project marks a significant milestone in Australia’s clean energy journey, showcasing the power of solar and storage integration at scale," said Jeff Tolnar, President at Shoals, according to the company’s press release.
The project aligns with Australia’s renewable energy goals, which include generating 82% of electricity from renewable sources by 2030. Once operational, the Maryvale facility will contribute to these targets while providing power to the National Electricity Market.
Gopi Govindraj, PCL Country Manager for Australia, described the project as "eastern Australia’s first utility scale DC-coupled solar and battery hybrid system," combining technical innovation with clean energy transition goals.
Gentari, which serves as the project owner, is focused on accelerating the transition to net-zero emissions in the Asia-Pacific region.
The information in this article is based on a press release statement from Shoals Technologies Group. For comprehensive analysis of renewable energy stocks and access to 10+ additional ProTips for SHLS, including detailed valuation metrics and peer comparisons, visit InvestingPro, where you’ll find expert insights and the complete Pro Research Report covering what really matters about this growing clean energy company.
In other recent news, Shoals Technologies Group reported its second-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share of $0.10 compared to the forecasted $0.08, marking a 25% surprise. The company also reported revenue of $110.8 million, exceeding the anticipated $104.77 million. Following these strong results, Shoals Technologies raised its 2025 revenue guidance, indicating robust bookings and backlog growth despite challenges in the solar sector. Roth/MKM responded to these positive developments by upgrading the stock from Neutral to Buy, raising the price target to $10.00 from $5.00. UBS maintained a Buy rating but lowered its price target to $7.00, citing the margin outlook as a concern. Jefferies also adjusted its price target to $6.00 from $7.20, while maintaining a Buy rating, following the company’s strong earnings report and increased revenue outlook for fiscal year 2025. These recent developments highlight the company’s strategic positioning and potential for growth in the coming years.
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