Solar panels used to generate power outside an office building in Los Angeles, California on August 4, 2015. AFP PHOTO / MARK RALSTON
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Wall Street, however, has been dumping solar shares this year, largely on concern, which investors say is misplaced, that tumbling oil prices will sap demand for alternative energy, even though oil isn't used to generate power.The MAC Global Solar Energy index has dropped 36 percent since its 2015 high in April, with industry bellwether SunEdison Inc having lost 55 percent of its value since July 20 .Hood River Capital Management of Portland began shedding its stake in SunEdison earlier this year, according to regulatory filings, and kept selling last month after the company announced a deal to buy rooftop solar installer Vivint Solar Inc – its third acquisition this year.In the past year, six solar companies have gone public in the United States, raising a combined $1.85 billion, according to IPO ETF manager Renaissance Capital. The most recent two – SunRun and TerraForm Global Inc – are both trading more than 20 percent below their IPO prices.First Solar is down about 30 percent from a 52-week high set in September of last year.
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