(Bloomberg) -- Stock prices for renewable energy companies soared following a deal by US senators to advance a bill that will spend hundreds of billions of dollars on energy security and climate change.

Solar giants Sunrun Inc., SunPower Corp. and First Solar Inc. all jumped more than 10% Thursday before the start of regular trading in New York. Shares in the world’s biggest wind turbine maker Vestas Wind Systems A/S rose as much as 20%, the most since 2012, while competitor Nordex SE gained as much as 15%. 

Wind and solar-power development have been stunted in the US this year, one of the world’s biggest markets, as companies awaited any major new energy legislation. The deal is significantly smaller than President Joe Biden’s original $3.5 trillion Build Back Better plan. Still, it will include tax credits for renewable power generation that will boost construction of new projects. 

“Following many false starts for US climate legislation, and a recent hiatus in US wind orders, we see this as a significant step forward,” Citigroup Inc. analyst Martin Wilkie said in a research note. 

The deal struck by West Virginia Senator Joe Manchin and Senate Majority Leader Chuck Schumer, both Democrats, also boosted shares of companies that own nuclear plants or develop hydrogen fuel cells. Constellation Energy Corp., which operates reactors, jumped 12%. Fuel-cell maker Plug Power Inc. surged 15%, and FuelCell Energy Inc. gained 11%.

The deal still needs to pass the full Senate and the House of Representatives, which has sought a more ambitious plan. 

European solar stocks also gained. Germany’s SMA Solar Technology AG rose as much as 7.6% and Meyer Burger Technology AG was up as much as 9.3%. 

(Updates shares in second paragraph.)

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