Solar Morning Spotlight (6/4): FEOC Guidance Timeline, New NXT Steel Frame Customer, US Poly Landscape

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Solar Morning Spotlight (6/4): FEOC Guidance Timeline, New NXT Steel Frame Customer, US Poly Landscape

Equity Research

Industry Update — June 4, 2026

Clean Energy

Solar Morning Spotlight (6/4): FEOC Guidance

Timeline, New NXT Steel Frame Customer, US

Poly Landscape

Our Call Praneeth Satish

SEIA webinar suggests draft FEOC guidance still expected by year-end. Interim draft Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

guidance seems unlikely given quick turnaround. NXT signs another steel frame customer.

Michael BlumWe did a channel check with senior mgmt of a US poly supplier.

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

FEOC Guidance Still Expected By YE. On a webinar Tuesday (6/2), SEIA experts Ned Baramov, CFA

continue to expect full draft FEOC guidance from IRS by Q4'26 and, following 3-6 Equity Analyst | Wells Fargo Securities, LLC

month comment period, final guidance in Q1 or Q2'27. SEIA noted significant sources of Ned.Baramov@wellsfargo.com | 212-214-8021

confusion in prelim 26-15 guidance including (1) qualified interconnection property for Eric Shiu

projects <5 MW & (2) definition of "direct supplier". SEIA requested interim guidance from Associate Equity Analyst | Wells Fargo Securities, LLC

IRS on these topics by 6/30/26, but unclear if IRS will provide in time. Eric.Shiu@wellsfargo.com | 212-214-5038

Jack Farrell, CFA

NXT Signs New Frames Customer. NXT signed an agreement with Thornova Solar Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

(private) to supply steel frames. Thornova was owned by Chinese mfg Sunova (private)

but was acquired by ICE EYE in 2025. Thornova mfgs in Kenya & Indonesia (>2.5 GW