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    Justin Clare • Roth Capital Partners, LLC

    Justin Clare's questions to Renew Energy Global PLC (RNW) leadership

    Justin Clare's questions to Renew Energy Global PLC (RNW) leadership • Q1 2026

    Question

    Justin Clare inquired about ReNew's manufacturing business, seeking details on Q1 2026 megawatt deliveries, the delivery outlook for the rest of the fiscal year, and the potential for booking new orders. He also asked for an update on the current attractiveness and competitiveness of the project bidding environment.

    Answer

    Kailash Vaswani, CFO, clarified that in Q1, ReNew sold nearly 700 MW of modules and 142 MW of cells to third parties. He explained that the upward revision to the manufacturing EBITDA guidance was due to continued visibility on third-party sales for the remainder of the year. Regarding the bidding environment, Mr. Vaswani described it as steady but with some 'irrational' competition, reinforcing ReNew's disciplined approach to only bid on projects that meet their internal return hurdles.

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    Justin Clare's questions to Renew Energy Global PLC (RNW) leadership • Q4 2025

    Question

    Justin Clare from Roth Capital Partners, LLC inquired about the assumptions behind the fiscal 2026 guidance, particularly the Plant Load Factor (PLF) for wind and solar. He also sought details on the module sales outlook and the financing strategy for the new cell facility expansion.

    Answer

    CFO Kailash Vaswani explained that the fiscal 2026 guidance assumes Plant Load Factor levels will be similar to fiscal 2025 at the lower end of the range. He clarified that the 1.4 GW module order book is primarily for the Indian market. For the new facility, Vaswani confirmed a 70/30 debt-to-equity financing structure, with the recent $100 million equity raise covering the equity portion and debt discussions underway.

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    Justin Clare's questions to Renew Energy Global PLC (RNW) leadership • Q3 2025

    Question

    Justin Clare of ROTH MKM inquired about the transmission of recent RBI rate cuts to ReNew's borrowing costs and asked for a comparison of project returns across plain vanilla solar, solar-plus-storage, and round-the-clock (RTC) projects.

    Answer

    An unnamed executive explained that the benefits of the rate cut have only been realized on a small portion of the portfolio linked to short-term rates, with broader transmission from lenders yet to occur. The executive also detailed that RTC projects offer the highest returns, followed by solar-plus-storage, with plain vanilla solar offering the lowest returns, noting a potential 2-3% IRR difference between the categories.

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    Justin Clare's questions to Renew Energy Global PLC (RNW) leadership • Q2 2025

    Question

    Justin Clare asked about the completion timeline for the RTC project, specifically regarding potential transmission readiness delays and the possibility of selling power on the merchant market. He also inquired about the impact of proposed import restrictions on cell manufacturing and whether ReNew plans to expand its cell production capacity.

    Answer

    Sumant Sinha, Founder, Chairman and CEO, confirmed the RTC project is on track for completion in the second half of the fiscal year with no expected transmission delays. He noted that only small amounts of power could be sold on the merchant market due to PPA terms. Regarding manufacturing, Mr. Sinha stated that the government is considering an ALMM for cells from April 2026, making an expansion of ReNew's own cell capacity a sensible option that the company is actively considering.

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    Justin Clare's questions to Fluence Energy Inc (FLNC) leadership

    Justin Clare's questions to Fluence Energy Inc (FLNC) leadership • Q3 2025

    Question

    Justin Clare from Roth Capital Partners, LLC asked if Fluence can offset U.S. tariff costs, whether the impact is temporary, and for an update on the ramp-up of AESC's second production line and any alternative domestic cell suppliers.

    Answer

    President and CEO Julian Nebreda clarified that the current margin pressure from tariffs is a temporary issue affecting pre-signed contracts, with the impact already in guidance. He expects new contracts to return margins to the target range. Regarding supply, he said the second AESC line is not needed until early 2027 and confirmed Fluence is exploring other options to ensure supply chain flexibility.

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    Justin Clare's questions to Ormat Technologies Inc (ORA) leadership

    Justin Clare's questions to Ormat Technologies Inc (ORA) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC inquired about the progress on Enhanced Geothermal Systems (EGS), asking if the initial application would be at existing plants or new sites, and questioned the potential product demand from other EGS developers.

    Answer

    CEO Doron Blachar stated that while Ormat is pursuing multiple EGS technologies, the initial focus will likely be on enhancing production at existing facilities to leverage current infrastructure. He believes that once EGS is proven, it will significantly expand Ormat's growth in both development and products, noting Ormat's non-Chinese manufacturing as a key future advantage.

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    Justin Clare's questions to Ormat Technologies Inc (ORA) leadership • Q1 2025

    Question

    Justin Clare inquired about the potential impact of increased tariffs on the energy storage project pipeline beyond 2026, the effect of tariffs on geothermal project costs, and the prospective timing and application of Enhanced Geothermal Systems (EGS) technology.

    Answer

    Executive Doron Blachar explained that Ormat is mitigating storage tariff impacts by exploring diverse battery suppliers, including U.S.-based manufacturers, and continuing development in Israel. He stated the tariff impact on geothermal is not material, as imported components are a small fraction of total CapEx, and rising PPA prices offer a buffer. Regarding EGS, he noted it could enhance existing plants and open new development areas, but acknowledged that technological challenges remain.

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    Justin Clare's questions to Ormat Technologies Inc (ORA) leadership • Q4 2024

    Question

    Justin Clare of ROTH Capital Partners inquired about the scope of the IRA safe harbor for geothermal projects, the potential to extend these timelines, and the revenue recognition and margin profile for the large New Zealand contract.

    Answer

    CFO Assaf Ginzburg stated the safe harbor covers nearly 400 MW of geothermal and solar projects, including many not yet publicly named, which are critical for 2027-2028 targets. He confirmed Ormat is working to extend these timelines. CEO Doron Blachar added that revenue from the New Zealand contract will be recognized over 2.5 years (2025-2027), with 2026 as the likely peak, and the Products segment is targeting 18-20% gross margins.

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    Justin Clare's questions to Ormat Technologies Inc (ORA) leadership • Q3 2024

    Question

    Justin Clare from ROTH Capital Partners asked about Ormat's strategy for mitigating potential risks from changes to the IRA legislation, specifically regarding Safe Harboring projects. He also requested an update on PPA pricing trends and the status of re-contracting for assets with PPAs expiring in 2026-2027.

    Answer

    CEO Doron Blachar explained that Safe Harboring geothermal projects has been a standard company practice for over a decade to protect against policy changes, and a similar approach is being applied to Energy Storage projects. He expressed confidence that geothermal PTCs would likely continue, noting their extension under the previous Trump administration. Blachar also confirmed that PPA pricing trends continue to be strong, with new contracts being negotiated "north of $100," and that they are in final negotiations to re-contract the Heber and Mammoth G2 facilities at these elevated prices.

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    Justin Clare's questions to Enlight Renewable Energy Ltd (ENLT) leadership

    Justin Clare's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Justin Clare of Roth Capital Partners, LLC followed up on the safe harbor topic, asking about plans to secure additional projects beyond the current 6 GW to meet the 6.5-8 GW target. He also questioned the outlook for PPA price trends for projects with COD dates in 2028-2029, and whether a potential reduction in tax credits could lead to upward price pressure.

    Answer

    CEO Gilad Yavetz explained that with a deadline of July 2026 to qualify projects, having 6 GW secured already represents a very strong position and they are on a rapid pace to qualify more. Regarding PPA pricing, Jared Mckee and Gilad Yavetz noted that while it's early to predict the full impact of regulatory changes, the fundamental driver is soaring electricity demand from AI and data centers. They expressed confidence that the market will adapt and project economics will remain attractive, even in a subsidy-free environment.

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    Justin Clare's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Justin Clare sought more detail on the 6 GW of safe-harbored projects, asking for a breakdown of when they were qualified. He also asked about the outlook for PPA prices for projects with COD dates in 2028-2029 and whether a reduction in tax credits could lead to higher PPA prices.

    Answer

    CEO Gilad Yavetz stated that the company has until July 2026 to qualify projects and has already increased its safe-harbored portfolio from 4.9 GW to 6 GW since May. Incoming Clēnera CEO Jared Mckee noted it's too early to know how supply will adjust post-guidance but confirmed the company is advancing its start-of-construction strategy. Gilad Yavetz added that strong electricity demand, particularly from AI and data centers, will be the decisive factor, and the market will adapt to a non-subsidy environment, supporting prices.

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    Justin Clare's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC followed up on the safe harbor topic, asking about Enlight's plans to secure additional projects beyond the current 6 GW to meet its 6.5-8 GW target. He also questioned the PPA pricing trends for U.S. projects with COD dates in 2028-2029 and whether a potential reduction in tax credits could lead to upward pressure on PPA prices.

    Answer

    Gilad Yavetz (Co-Founder, CEO & Director) and Jared Mckee (VP Business Development) addressed the questions. Mr. Yavetz noted that the company has until July 2026 to qualify projects and is progressing rapidly, having added 1.1 GW since May. Regarding PPA trends, Mr. Mckee stated it is too early to predict supply adjustments without final regulatory guidance but confirmed they are advancing their start-of-construction strategy. Mr. Yavetz added that strong electricity demand from data centers and AI is the decisive factor, and he is confident the U.S. market will adapt to a subsidy-free environment, similar to other developed markets.

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    Justin Clare's questions to Clearway Energy Inc (CWEN) leadership

    Justin Clare's questions to Clearway Energy Inc (CWEN) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC inquired about the specific drivers for the increased retained CAFD forecast for 2025-2027 and sought clarity on the updated equity issuance plan, asking how much equity is needed to reach the low vs. high end of the new guidance.

    Answer

    CEO Craig Cornelius and CFO Sarah Rubenstein explained the retained CAFD increase is aligned with the new, higher 2027 CAFD per share target of $2.50-$2.70. Cornelius clarified that while the midpoint of the old range was achievable without equity, reaching the midpoint and high end of the new range would necessitate the planned $50-$100 million in modest, accretive equity issuances.

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    Justin Clare's questions to Atkore Inc (ATKR) leadership

    Justin Clare's questions to Atkore Inc (ATKR) leadership • Q3 2025

    Question

    Justin Clare from ROTH Capital Partners sought to clarify the fiscal 2026 headwinds, asking how much was due to already-realized price declines versus future expectations, and inquired about the potential to recapture market share in steel conduit.

    Answer

    President and CEO Bill Waltz confirmed that the majority of the forecasted fiscal 2026 headwind stems from the year-over-year mathematical impact of pricing declines that have already occurred in fiscal 2025. He also stated his belief that Atkore has the potential to recapture market share in steel conduit over time as lower import volumes and tariff impacts reduce importers' ability to undercut domestic pricing, which should benefit both margins and market share.

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    Justin Clare's questions to American Superconductor Corp (AMSC) leadership

    Justin Clare's questions to American Superconductor Corp (AMSC) leadership • Q1 2026

    Question

    Justin Clare of Roth Capital Partners, LLC followed up on gross margins, asking which end markets drove the strength, and questioned the company's strategy for data centers and the key factors enabling its success in the semiconductor market.

    Answer

    Daniel McGahn, Chairman, President & CEO, attributed margin strength to an acceleration in the materials/semiconductor sector, though he noted project margins are broadly similar across the business. John Kosiba, CFO, SVP & Treasurer, stated that at revenues near $70 million, a 30% margin is a comfortable assumption with a normal mix. On data centers, McGahn described it as an early-stage effort focused on the next six quarters, engaging with EPCs and end-users. He credited semiconductor success to offering a more complete, proprietary, and valuable solution for electrically intensive processes.

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    Justin Clare's questions to American Superconductor Corp (AMSC) leadership • Q4 2024

    Question

    Justin Clare sought more details on the semiconductor opportunity, including pipeline visibility, US versus international growth, and order sizes. He also asked about the impact of tariffs on order cadence and the in-field performance of the delivered Navy Ship Protection Systems.

    Answer

    Daniel McGahn, Chairman, President and CEO, described the semiconductor pipeline as having 'triple-digit potential' and being a global opportunity, not just US-based. He noted that individual fab orders can now range from $2 million to $10 million, with potential for larger orders in the future. On tariffs, he stated they have been a net positive by encouraging reshoring. Regarding the Navy systems, McGahn confirmed they are performing as well or better than advertised and that the Canadian Navy contract validates the technology, but he could not share sensitive performance details.

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    Justin Clare's questions to American Superconductor Corp (AMSC) leadership • Q3 2024

    Question

    Justin Clare asked for details on the opportunity in data centers, including which products are a fit and potential order timing. He also inquired about the semiconductor business outlook following CHIPS Act funding and whether U.S. renewable project permitting issues pose a challenge.

    Answer

    Daniel McGahn, Chairman, President and CEO, clarified the data center opportunity lies in providing grid-support products to utilities, which is a longer-term prospect. He confirmed CHIPS Act funding is driving near-term semiconductor opportunities with several large orders in the company's 'crosshairs.' McGahn noted that U.S. renewables permitting is not a concern as it represents a 'very small part' of AMSC's business.

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    Justin Clare's questions to American Superconductor Corp (AMSC) leadership • Q2 2024

    Question

    Justin Clare of ROTH Capital Partners sought an update on the revenue ramp timeline for the Canadian Navy contract and asked if the combination of growth in the Wind and Navy businesses could lead to margin uplift. He also inquired about potential opportunities for AMSC to address grid congestion, possibly with its HTS wire technology.

    Answer

    CEO Daniel McGahn confirmed that revenue from the Canadian contract is expected to begin ramping in fiscal 2025, with the first system delivery scheduled for 2026. He agreed that increased scale in both the Navy and Wind businesses presents a potential for margin expansion, though the overall project mix remains a factor. Regarding grid congestion, McGahn focused on the near-term opportunity to supply existing New Energy power systems to utilities and industrial customers, stating a superconductor-based solution is likely more than a year away from financial impact.

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