Clean energy stocks experienced a decline on June 2, 2025, following the White House's announcement that the Energy Department had canceled over $3.7 billion worth of grants for clean energy and climate projects. Energy Secretary Chris Wright confirmed the termination of 24 projects.
This significant reduction in federal funding creates substantial headwinds for the clean energy sector, including solar and hydrogen power companies. The grants were intended to support various initiatives, and their cancellation signals a shift in government support for renewable energy development.
The move impacts companies like Sunrun and Plug Power, which saw their shares fall. For First Solar, while not directly named as a recipient of these specific grants, the broader reduction in sector-wide support contributes to a less favorable operating environment and increased policy uncertainty.
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