Investors running bets against renewable energy stocks have racked up profits of more than $1.2bn from the heavy sell-off that swept the sector in the wake of Donald Trump’s US presidential election victory.
Arrowstreet Capital and Qube Research & Technologies were among firms that had built up short positions against companies such as Norwegian hydrogen firm Nel and German wind turbine manufacturer Nordex, according to data group Breakout Point.
Shares in these companies fell sharply on Wednesday amid concerns that the president-elect will “terminate” President Joe Biden’s Inflation Reduction Act, a move that could result in a halt to tax credits, and pull the plug on offshore wind development.
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