ACCE Clean Energy NAV sits at 1110.09 with GEV leading at 18%. Here's how GEV, NEE, FSLR, SEDG, and ENPH stack up inside the index today.
The ACCE Clean Energy index carries a NAV of 1110.09 as of June 22, 2026. Ten names make up the portfolio, spanning grid infrastructure, solar manufacturing, distributed generation, and utility-scale power. The construction is deliberate: no single theme dominates, and the spread from the largest weight to the smallest is 18 percentage points. That range tells you something about where the index sees risk and where it sees conviction.
How the Index Is Built
The ten holdings and their current weights:
- GEV (GE Vernova), 18%
- NEE (NextEra Energy), 15%
- FSLR (First Solar), 14%
- SEDG (SolarEdge Technologies), 10%
- NXT (Nextracker), 8%
- AGX (Argan), 8%
- PWR (Quanta Services), 8%
- ENPH (Enphase Energy), 7%
- RUN (Sunrun), 5%
- FLNC (Fluence Energy), 4%
The top three positions,
GE Vernova (GEV), NextEra Energy (
NEE), and First Solar (
FSLR), account for 47% of the index. That concentration in grid infrastructure and utility-scale solar reflects a structural bet: the energy transition runs through transmission, large-format generation, and domestic panel manufacturing before it reaches rooftop installers.
GEV at the Top: Why Grid Hardware Earns the Largest Weight
GE Vernova holds the single largest position at 18%. The logic is straightforward. Every megawatt of new solar or wind capacity requires grid interconnection equipment, and GEV is one of the few companies globally that manufactures the full stack: gas turbines, wind turbines, and grid solutions including transformers and high-voltage switchgear. The AI infrastructure buildout has created a secondary demand driver that has nothing to do with renewables directly. Hyperscalers need reliable, dispatchable power, and that demand is landing on GEV's order books alongside the energy-transition tailwind.
The 18% weight signals that the index treats GEV as the lowest-risk, highest-visibility name in the clean energy supply chain right now.
NEE and FSLR: The Utility and the Manufacturer
NextEra Energy (NEE) at 15% is the largest renewable utility in the United States by installed capacity. It operates Florida Power & Light alongside a massive contracted renewables development pipeline. The regulated utility base provides earnings stability that most clean energy names cannot offer, which justifies a near-top weighting in a diversified index.
First Solar (FSLR) at 14% occupies a different position entirely. It manufactures thin-film cadmium telluride panels at scale in the United States, which gives it a structural cost and tariff advantage over Chinese crystalline silicon competitors. The Inflation Reduction Act's domestic content provisions effectively created a moat around FSLR's manufacturing footprint. The index is expressing a view that this advantage persists through the current policy environment.
The Middle Tier: NXT, AGX, PWR
Nextracker (NXT), Argan (AGX), and Quanta Services (PWR) each sit at 8%, forming a middle tier that covers solar tracking systems, power plant construction, and electrical contracting.
NXT makes single-axis solar trackers, the mechanical systems that tilt panels to follow the sun throughout the day. Tracker penetration in utility-scale solar installations has risen steadily, and NXT holds a leading market share position globally.
AGX is a smaller, less-followed name. Argan builds natural gas and renewable power plants through its Gemma Power Systems subsidiary. The inclusion here reflects the index's pragmatic view that gas peakers and combined-cycle plants remain part of the energy transition story, providing dispatchable backup as intermittent renewables scale.
PWR, Quanta Services, provides the electrical contracting and grid modernization work that connects all of the above. Transmission buildout is a multi-decade program, and Quanta has the workforce and backlog to execute on it.
SEDG and ENPH: The Inverter Pair Under Pressure
SolarEdge Technologies (SEDG) at 10% and Enphase Energy (ENPH) at 7% are the two names in the index that have faced the most severe operating pressure over the past 18 months. Both make power electronics for residential and commercial solar: SEDG primarily string inverters with power optimizers, ENPH microinverters.
The residential solar market in the United States and Europe contracted sharply as interest rates rose and installer channel inventory bloated. Both companies saw revenue and earnings fall significantly from their 2022 peaks. The index still holds both, but the combined 17% weight is notably lower than the 37% combined weight of GEV and NEE. The message: the index acknowledges the inverter cycle but does not abandon the thesis.
The recovery case for SEDG and ENPH rests on rate normalization driving a resumption of residential solar demand, combined with ongoing commercial and industrial adoption. Neither recovery is guaranteed on a specific timeline, which is why the weights are sized for participation rather than concentration.
RUN and FLNC: The Tail Positions
Sunrun (RUN) at 5% and Fluence Energy (FLNC) at 4% are the smallest positions. Sunrun is the largest residential solar installer in the United States, which makes it a direct proxy for the residential demand recovery. The small weight reflects the execution risk in a business that depends heavily on financing costs and customer acquisition.
Fluence Energy provides battery energy storage systems, a market growing rapidly as grid operators require dispatchable storage to complement intermittent generation. FLNC is early-stage relative to the other names in the index, which explains the 4% allocation.
What the NAV of 1110.09 Signals
The index launched at a base NAV of 1000. A current NAV of 1110.09 represents meaningful appreciation from inception, though the path has not been linear. The clean energy sector broadly experienced a sharp drawdown in 2023 and 2024 as rate expectations reset and policy uncertainty around the IRA created hesitation. The current NAV reflects a partial recovery, not a full rerating.
The construction of the index, heavy in infrastructure and manufacturing, lighter in residential installers, has likely cushioned some of the volatility that hit pure-play residential names like ENPH and SEDG hardest.
The Forward Picture
The structural drivers for clean energy remain intact: power demand from AI data centers, federal incentives for domestic manufacturing, and state-level renewable portfolio standards that create contracted revenue for utilities like NEE. The near-term variable is policy. Any material rollback of IRA provisions would hit FSLR's domestic manufacturing advantage and reduce the economics for ENPH and SEDG installations.
GEV sits in the most defensible position regardless of policy outcome. Grid infrastructure spending is bipartisan and driven as much by reliability concerns as by climate goals. The 18% weight at the top of this index reflects exactly that calculus.
The next 12 months for ACCE Clean Energy will likely be determined by whether residential solar demand recovers enough to re-rate SEDG and ENPH, and whether GEV's order book continues to convert into revenue at the pace the market currently expects.
