North America Alternative & Renewable Energy: Week with Vik: Build Now, Budget Later

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North America Alternative & Renewable Energy: Week with Vik: Build Now, Budget Later

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20 Jul 2026 05:43:01 ET │ 11 pages

North America Alternative &

Renewable Energy

Week with Vik: Build Now, Budget Later

Vikram Bagri AC

CITI'S TAKE +1-212-816-4506

vikram.bagri@citi.com

Renewables stocks remained under pressure, driven by concerns over AI-

related spending and other factors. We spent the week meeting with WC Theodore Giletti, CFA

investors and hosted an expert call on SOFCs. On scandium requirements, +1-212-816-3835

bulls estimate ~1MT/GW, while bears argue the figure exceeds theodore.giletti@citi.com

30MT/GW. Though we do not expect a definitive answer from BE, we believe

management will re-emphasize adequate supply on the earnings call. The Vignesh Gunda

catalyst is an expected capacity increase announcement and SOFC inclusion +1-212-816-9667

in utility IRPs. Sentiment on GNRC has shifted notably, reflecting weak 2Q vignesh.gunda@citi.com

outage activity, expectations for no hurricanes this year, and the low likelihood

of hyperscaler2 order with 2Q EPS. Separately, investors broadly agreed with

our view that ARRY's acquisition stretches the B/S, increases the likelihood of

external capital, and offers modest accretion. Finally, SHLS outperformance is

standing out. While the potential for a revenue guidance increase is widely

appreciated, conviction around margin recovery remains limited.

Latest LCOE — Unsubsidized renewables remain the lowest cost form of new build

generation despite higher capital costs, interest rates, and tariffs, per Lazard.

Utility-scale solar sits at $40–98/MWh, falling to $16–81/MWh with the PTC, while

nuclear ranges from $175–255/MWh. The study shows a widening in the LCOE range