Google’s move to source power from the Steel River Energy Center, the largest solar project in the US, is a fresh reminder that huge buyers are still hungry for clean electricity and long-term contracts. At the same time, tighter rules around tax credits and Chinese imports are pushing more of the value chain onshore. For investors, that combination puts a spotlight on companies with real exposure to US-based solar and storage projects, domestic manufacturing, and grid-scale solutions. This article walks through 3 stocks closely tied to this news and why they may matter for your watchlist.

First Solar (FSLR)

Overview: First Solar is a Phoenix based solar technology company that designs and manufactures thin film cadmium telluride (CdTe) photovoltaic modules used in large utility scale and commercial power projects for utilities, independent power producers, and major corporate energy buyers in the US and internationally.

Operations: First Solar generates about US$5.4b in revenue primarily from the design, manufacture and sale of its CdTe solar modules.

Market Cap: US$23.8b

Investors looking at the Steel River project should pay close attention to First Solar, which is supplying US made panels into one of the largest data center linked solar deals and sits at the center of the domestic content story. The company combines strong margins, positive free cash flow and rising returns on capital with a valuation that some analysts see as low relative to peers, even after recent gains. At the same time, heavy reliance on tax credits, rising trade barriers and intense competition from low cost Asian producers create real pressure on future margins. How those policy tailwinds and risks play out is where the real opportunity or disappointment may sit for this stock.

First Solar’s strong margins and cash generation suggest that the headline story may not match the underlying numbers. Review the DCF valuation analysis for First Solar to see what the market might be missing about policy risk and pricing power.

LG Energy Solution (KOSE:A373220)

Overview: LG Energy Solution is a Seoul based battery manufacturer that supplies pouch and cylindrical batteries for electric vehicles, consumer electronics and light mobility, as well as large scale energy storage systems used in power grids, data centers and homes across major global markets.

Operations: LG Energy Solution generates about ₩23.5t in revenue, primarily from its battery business, with sales spread across America (₩10.4t), China (₩5.3t), Europe (₩4.1t), Korea (₩2.6t) and Asia/Oceania (₩1.0t).

Market Cap: ₩75.3t

LG Energy Solution sits at the center of the US push for domestically sourced battery storage, supplying its US plant into projects like Steel River while also partnering with Heron Power on a high density utility scale storage platform aimed at data centers and grid operators. Analysts expect strong revenue and earnings growth over the next few years, and some models see a large gap between estimated cash flow value and today’s share price. At the same time, the company is still loss making, has less than a year of cash runway and relies heavily on external borrowing and large capital spending plans. For investors, the key question is whether rising ESS demand, policy support and cost reductions can outrun those funding and profitability pressures.

LG Energy Solution’s accelerating ESS footprint and global revenue base could be masking where the real pressure sits. Get the full picture in the analysis report for LG Energy Solution and see what could tip the balance next.

Array Technologies (ARRY)

Overview: Array Technologies is a US based manufacturer of solar tracking systems that help large scale solar farms tilt and follow the sun using hardware and software such as its DuraTrack, OmniTrack, SkyLink and SmarTrack platforms, which are sold to utilities and developers in the US and internationally.

Operations: Array Technologies generates about US$1.21b in revenue, with roughly US$1.07b from Array Legacy Operations and US$130.5m from STI Operations.

Market Cap: US$941.4m

Array Technologies provides exposure to utility scale solar buildout at a time when data center and corporate clean power deals, such as Google’s Steel River contract, are increasing demand for solar trackers and supporting suppliers that meet domestic content rules. The stock appears attractively priced relative to peers and estimated cash flows, yet the company is still working through earnings volatility, project delays tied to policy shifts, and a funding mix that relies on external borrowing. If Array’s new tracker products and onshoring efforts lead to steadier margins and a shift toward profitability, investors focusing only on recent revenue and EPS headlines may overlook a broader strategic story that is developing.

Array Technologies’ pricing, US focus and tracker platforms suggest the surface story may not match the underlying value. Review the DCF valuation analysis for Array Technologies to see what the market might be glossing over.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.