October 27th, 2025 | 07:00 CET
Super returns, clear conscience! Nel ASA and JinkoSolar turn around, nucera surprises, and RE Royalties celebrates!
From the climate conference to real implementation! The European Union and other nations have committed themselves to ambitious sustainability programs through so-called "green deals." To support these efforts, the financial instrument known as the "green bond" has become firmly established in the market. Banks, in particular, that are keen to enhance their ESG credentials, are increasingly active in this segment. As a result, the green bond market has grown rapidly, driven by global climate targets, such as those agreed upon in the Paris Agreement. ESG investments are benefiting from political incentives like the US Inflation Reduction Act and are being dynamically sought after by insurers. Between 2015 and 2023, issuances grew by an average of 40% annually, with growth slowing somewhat since 2023. For the full year 2025, total issuance volume is expected to reach between EUR 570 and 630 billion. What, when, and where funding is provided is defined by regulatory authorities. But private organizations such as RE Royalties are also active, because green returns are not only rewarding, they also help society achieve its ambitious climate transition goals. Here are a few investment ideas.
time to read: 5 minutes
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Author:
André Will-Laudien
ISIN:
NEL ASA NK-_20 | NO0010081235 , JINKOSOLAR ADR/4 DL-00002 | US47759T1007 , THYSSENKRUPP NUCERA AG & CO KGAA | DE000NCA0001 , RE ROYALTIES LTD | CA75527Q1081
Table of contents:
Author
André Will-Laudien
Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.
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RE Royalties – Great success with ESG-compliant financing
The green bond sector is thriving. In 2024, new bonds worth a total volume of USD 500 billion were issued worldwide - a record figure. Experts predict that the market will grow to over USD 5 trillion by 2030, implying an average annual growth rate of around 12%. Europe remains the leading hub for green bonds, dominating both in issuance volume and regulatory leadership. In 2024, euro bonds accounted for 60% of issuances, with the EU taxonomy contributing significantly to standardization and transparency.
RE Royalties Ltd. (RE) offers investors a rare combination of attractive dividends, share price potential, and a genuine contribution to climate and environmental protection. The Canadian company has positioned itself with an innovative business model focused exclusively on renewable energy. It provides capital for solar, wind, hydro, and energy storage projects. In return, RE receives interest and royalty agreements - contractually secured claims to future revenue or profits from these plants. RE Royalties is the first mover to successfully transfer this well-established royalty financing concept from the commodities and real estate sectors to the green energy space.
Between 2020 and 2024, the Company grew by an impressive average of 38% per annum, establishing a solid foundation for further growth. The portfolio now comprises over 100 projects with an installed capacity of several hundred megawatts, more than 80% of which are located in Canada and the US. This broad diversification ensures stable, recurring revenues while mitigating project risk. RE Royalties uses these revenues to finance an above-average attractive dividend, which currently stands at CAD 0.04 per share. The current share price of around CAD 0.33 offers good upside potential, especially if the pace of growth continues and new royalty agreements are concluded. Anyone looking for a combination of yield, stability, and sustainability will find this stock to be an interesting niche value with significant future potential.
Just recently, co-founder and CEO Bernard Tan gave an exciting insight into the strategic direction and future potential of the Company in an interview with the International Investment Forum (IIF).
thyssenkrupp nucera – Analysts slam on the brakes
thyssenkrupp nucera remains one of the most exciting stocks in the green hydrogen sector, even though the recent downgrade by Deutsche Bank briefly unsettled investors. After the "Buy" recommendation was withdrawn and the stock was reclassified as a "Hold," the SDAX share price temporarily slumped by 18% to EUR 9.50 last week. Deutsche Bank analysts justified their caution with delays in important order decisions in the hydrogen business and reduced their sales forecast for 2025/26 by approximately 30%. Nevertheless, they left the price target at EUR 12, which corresponds to a remaining upside potential of around 25%.
The Dortmund-based group clearly differs from competitors such as Nel or Plug Power in that it builds on a strong industrial base with over 10 GW of installed chlor-alkali capacity. While other pure hydrogen players are posting high losses, nucera remains profitable even in the current investment phase. In the first nine months of fiscal year 2024/25, the Company generated revenue of EUR 663 million, an increase of 9%, and EBIT of EUR 4 million after a loss in the previous year. For the full year, revenue of between EUR 850 million and EUR 920 million and a balanced operating result are expected. In addition, the acquisition of key technology assets from the insolvent Green Hydrogen Systems strengthens the Company's innovative power and secures valuable know-how on favorable terms. This has improved the Company's strategic positioning, and technically, the EUR 8.50 to EUR 9.50 range offers a promising entry point.
Nel ASA and JinkoSolar – Between cost pressure and future opportunities
Norwegian hydrogen pioneer Nel ASA is navigating the stock market jungle with similar turbulence to thyssenkrupp nucera. Despite interim recoveries, the share price is still down 49% over a 12-month period. The Oslo-based electrolyser pioneer has been losing public contracts for several quarters now. In Q2, it suffered a 48% decline in revenue to just NOK 174 million, with the group suffering in particular from delayed decisions on major projects in the alkaline segment. The PEM segment, on the other hand, shone with record sales and order intake of NOK 290 million, underscoring the Company's technological strength. **Analysts on the LSEG platform give mixed ratings, with price targets between NOK 1.70 and NOK 3.00, and the consensus value over 12 months is NOK 2.39. The problem is that this is exactly where the share price already stands. For interested investors, the Q3 figures on October 29 should provide insight into the medium-term outlook.
Not all Greentech models are running smoothly. JinkoSolar is representative of the pressure in the global solar industry and reported significant declines in revenue and earnings in the first half of 2025. The Chinese module and cell manufacturer sold 41.8 GW, of which over 60% went abroad. Its operating subsidiary, Jiangxi Jinko, generated revenue of 31.8 billion yuan, around a third less than in the previous year, and posted a deep loss of 2.9 billion yuan. The main reasons for this are falling module prices, overcapacity, and growing trade barriers. To secure liquidity, JinkoSolar announced in September 2025 the sale of up to 300 million A shares of its subsidiary, which is listed on the Sci-Tech Innovation Board in Shanghai. The proceeds are intended to strengthen cash flow and increase financial flexibility, explained CEO Xiande Li. After completion of the transaction, the group is expected to retain approximately 55.6% of Jiangxi Jinko. Despite the challenging market situation, management expects deliveries of up to 23 GW in Q3 and 85 to 100 GW for the year as a whole. The focus is on high-performance TOPCon modules, which are expected to account for around half of production capacity by the end of 2025. The 12-month average price target of USD 24.74 offers at least 15% upside potential, yet the stock has not posted a gain in 2025 so far.
**Greentech can only be achieved with green finance. This is because private investors remain cautious when it comes to financing innovative technologies. The crux of the matter is that many projects are not yet profitable, even though they offer viable alternatives in the climate debate. RE Royalties' financing model promises good access to the sector and has been well-received by investors. This combination could quickly lead to higher valuations for the stock.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a "Transaction"). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company.
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