T1 Energy Inc. (NYSE:TE) saw its stock price increase by 10.26 percent on Friday, closing at $8.17 per share. This movement followed a report from the US Energy Information Administration projecting growth in solar and wind power generation.
The EIA's short-term energy outlook anticipates that power generation from solar and wind will rise to 21 percent in 2027, up from 18 percent last year. Concurrently, the share from natural gas, coal, and nuclear is expected to decline to 72 percent in 2027 from 75 percent in 2025.
Specifically, the utility-scale solar sector is forecast to expand from 290 billion kilowatt-hours in 2025 to 424 billion kilowatt-hours by 2027. Nearly 70 gigawatts of new solar capacity projects are scheduled to become operational this year and next, marking a 49 percent increase in US solar operating capacity compared to 2025.
A significant portion of this new capacity is expected to originate from Texas. T1 Energy is currently developing a $425 million solar cell fabrication facility in the state. Named the G2 Austin, this facility aims to produce 2.1 gigawatts of high-efficiency TOPCon solar cells annually.
Construction on the G2 Austin project commenced last month, with commercial operations targeted to begin by the end of this year. The company also stated that a planned second phase of the facility would have a capacity of 3.2 gigawatts, with potential for further expansion based on market demand.
The company was previously highlighted in a published list of firms noted for performance gains.