Nextracker (NXT) Expands Market Lead with Major Greece Project

NEXTracker Inc. (NASDAQ:NXT) is one of the 10 best sustainability stocks to buy now. The company produces solar tracking systems that enhance the performance of utility-scale photovoltaic installations by allowing panels to track the sun throughout the day. Its NX Horizon platform has been deployed globally on over 100 GW of solar capacity (as of mid-2024), significantly increasing solar output without requiring additional land use. This contributes directly to lowering the levelized cost of solar energy.

Nextracker Expands Market Lead with Major Greece Project

A panoramic view of a concentrated solar power plant swathed in bright sunshine.

On June 25, Nextracker reported that it has been selected to supply its NX Horizon solar trackers for one of Europe’s largest solar initiatives, the 550 MW Oricheio PPC Ptolemaida project in Western Macedonia, Greece. Developed on repurposed coal mine land and owned by PPC Renewables, the plant is now in its final construction phase and is expected to deliver nearly 1.8% of Greece’s electricity annually once operational.

This project is a key component of Greece’s revised energy plan, which aims to achieve 82% renewable electricity generation by 2030. It will also support European efforts towards energy independence and emissions reduction. For Nextracker, the project will strengthen its growing presence in the European solar market, where it now holds the top market share, according to Wood Mackenzie.

While we acknowledge the potential of NXT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.