** Shares in U.S. solar energy groups jump, with clean-energy advocates saying U.S. lawmakers' draft proposals to phase out lucrative climate measures were not as harsh as expected

** First Solar FSLR.O and Array Technologies ARRY.O jump over 21.3% each

** Sunrun RUN.O and Shoals Technologies SHLS.O rise 17.6% and 18.9%, respectively

** Quanta Services PWR.N gains 2.8%, Nextracker NXT.O up 11.9%

** Proposed cuts include a rapid phase-out of "technology-neutral" 45Y tax credits for wind, solar and other clean energy sources

** Credits will phase down from 80% for a facility placed in service during 2029, to 60% by 2030, 40% by 2031 and zero afterwards - proposal

** Rothschild & Co said "the better-than-expected outcome for phase downs is an overall positive for our utility-scale solar universe," listing FSLR, PWR, ARRY, NXT, SHS as cos to benefit

** Brokerage adds elimination of Section 25D after 2025 to negatively impact cos with cash/loan exposure like Enphase Energy ENPH.O and Solaredge Technologies SEDG.O

** Section 25D will eliminate residential Solar Investment Tax Credit that allows individuals and businesses to claim 30% of the cost of solar energy system as a credit against federal tax bill

** ENPH slips 5.4%, SEDG falls 2.2%

** Shares in European renewable energy groups also rose earlier in the day

(Reporting by Twesha Dikshit)

((Twesha.Dikshit@thomsonreuters.com))