Shares of Array Technologies fell 6.8% in the afternoon session after President Donald Trump announced his administration would not approve new solar or wind power projects. The President stated on his social media platform, Truth Social, that 'We will not approve wind or farmer destroying Solar,' adding, 'The days of stupidity are over in the USA!!!'.
This statement escalated his previous rhetoric against renewable energy, causing a sell-off across the renewable energy sector. The direct intervention from the highest office in the U.S. government creates significant regulatory uncertainty and poses a substantial threat to future project development in the solar industry.
For Array Technologies, a leading provider of solar tracking technology for utility-scale projects, this announcement signals a potentially severe headwind for its domestic market. The policy shift could lead to project delays or cancellations, impacting the company's order book and revenue prospects in the U.S.
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