ACCE Clean Energy Index sits at NAV 1091.61. GEV leads at 16%, SEDG trails at 11%. Here's what the holdings reveal about the sector's direction in 2026.
The ACCE Clean Energy Index trades at a NAV of 1091.61 as of June 2026. Ten holdings. A spread from grid-scale power equipment to residential solar installers. The construction tells a story about where durable clean energy returns actually come from, and it is not where most retail investors are looking.
What the Index Holds
The ten-stock portfolio breaks down as follows:
- GEV (16%), Grid Solutions and power equipment, the largest weight
- NEE (15%), NextEra Energy, the dominant regulated utility and renewables developer
- FSLR (15%), First Solar, the only large-scale domestic solar panel manufacturer in the U.S.
- SEDG (11%), SolarEdge Technologies, inverter and energy management hardware
- NXT (8%), Nextracker, utility-scale solar tracker systems
- ENPH (8%), Enphase Energy, residential microinverters
- PWR (8%), Quanta Services, the electrical infrastructure contractor
- AGX (7%), Argan Inc., power plant construction
- RUN (5%), Sunrun, residential solar and storage
- FLNC (4%), Fluence Energy, grid-scale battery storage
The top three positions, GEV, NEE, and First Solar (FSLR), account for 46% of the index. That concentration is deliberate. These are the companies with the clearest line to the infrastructure buildout driving clean energy demand in 2026: data center power loads, grid hardening, and domestic manufacturing incentives.
The Thesis Behind the Weights
GEV at 16% is the highest conviction call. GE Vernova sits at the intersection of two of the most powerful capital expenditure cycles running simultaneously: the AI-driven surge in electricity demand and the multi-decade grid modernization effort across North America and Europe. Gas turbines, wind, and grid equipment all flow through GEV. The company is not a pure renewable play, and that is precisely the point. The index is not making a bet on solar panels. It is making a bet on electrons reaching the grid reliably.
NEE at 15% provides the regulated anchor. NextEra Energy operates the largest regulated utility in Florida through FPL while running the world's largest renewables developer through NextEra Energy Resources. The combination produces predictable cash flows from the regulated side and long-duration contracted revenue from wind and solar assets. For an index that includes volatile hardware names like SEDG and RUN, NEE functions as the ballast.
FSLR at 15% is the domestic manufacturing play. First Solar manufactures cadmium telluride thin-film panels at scale in the United States, which positions it uniquely relative to Chinese-supply-chain-dependent competitors. The Inflation Reduction Act's domestic content bonuses flow disproportionately to FSLR. The company has a multi-year order book and is expanding capacity. No other solar manufacturer in the index has this structural advantage.
The Middle of the Book: NXT, PWR, AGX
NexTracker (NXT), Quanta Services (PWR), and Argan (AGX) together hold 23% of the index. This cluster is often overlooked in clean energy discussions, which tend to fixate on panels and inverters.
NXT makes the tracking systems that tilt utility-scale solar panels toward the sun throughout the day, improving energy yield by 20-25% versus fixed-tilt installations. Every large solar farm needs them. PWR is the electrical contractor that actually builds transmission lines, substations, and renewable interconnections. The grid cannot absorb new generation without PWR's crews. AGX is a smaller-cap power plant builder with a concentrated backlog in natural gas and renewable projects.
These three names are picks-and-shovels positions. They earn revenue regardless of which energy technology wins the next decade.
The Challenged Positions: SEDG, ENPH, RUN, FLNC
The bottom four holdings, totaling 28% of the index, carry the most execution risk.
SolarEdge (SEDG) at 11% has been one of the most punishing clean energy stocks over the past two years. Inventory corrections, European demand weakness, and margin compression hit the company hard. The 11% weight reflects a recovery thesis: if residential and commercial solar installations normalize, SEDG's inverter attach rates recover with them. That is a conditional bet, not a certainty.
Enphase (ENPH) at 8% faces similar dynamics. Residential solar demand in the U.S. has been uneven since interest rates rose, and ENPH's microinverter business is directly exposed to new installation volumes. The company has a strong technology position and high switching costs once installed, but near-term revenue is tied to a rate-sensitive market.
Sunrun (RUN) at 5% carries balance sheet complexity that the other holdings do not. The residential solar-as-a-service model requires continuous capital to fund new customer installations, and the cost of that capital matters enormously. RUN is the highest-risk position in the index.
Fluence (FLNC) at 4% is the smallest weight and the most speculative. Grid-scale battery storage is a genuine growth market, but FLNC is still in the early stages of proving consistent project margins.
The index construction acknowledges this risk gradient explicitly. The four challenged names together hold less weight than GEV alone.
What the NAV Tells You
At 1091.61, the index has recovered meaningfully from the lows that hit clean energy broadly in 2023 and 2024. The recovery has been uneven across holdings. GEV, NEE, and PWR have driven most of the gains. SEDG and ENPH remain well below their peak valuations.
The divergence within the index is the most important data point right now. Clean energy is not a monolithic trade. Grid infrastructure and domestic manufacturing are performing. Residential solar hardware is still working through a demand reset. The index's weighting toward the former over the latter reflects that reality.
The Forward Picture
Electricity demand growth is the macro tailwind that ties every holding in this index together. AI data centers, electric vehicles, and industrial reshoring are all adding load to a grid that was not built for this level of consumption. The question is not whether clean energy infrastructure spending accelerates. The question is which companies capture the margin from that spending.
GEV, NEE, FSLR, PWR, and NXT have the contracts, the scale, and the domestic positioning to answer that question clearly. The recovery in SEDG and ENPH depends on a residential solar demand cycle that has not yet turned. FLNC and RUN are longer-duration bets on storage economics and financing structures improving over time.
The ACCE Clean Energy Index at NAV 1091.61 is not a passive bet on green sentiment. It is a structured view on where the electrons, the infrastructure, and the economics converge over the next three to five years.
