Indian solar manufacturers with significant exposure to the US market are likely to draw investor attention after Washington finalized steep anti-dumping and countervailing duties on solar cells and panels imported from India, Indonesia and Laos.
The US Department of Commerce announced its final affirmative determinations on Friday following investigations into crystalline silicon photovoltaic cells. The agency concluded that producers and exporters in the three countries benefited from government subsidies and that their trade practices harmed the US solar manufacturing industry.
For Indian producers, the Commerce Department established a final anti-dumping duty margin of 123.04%. It also imposed a 126.09% countervailing duty rate. Indonesian producers face anti-dumping margins of 94.36%, with countervailing duties ranging from 73.25% to 173.7%. Producers in Laos were assigned a 65.43% anti-dumping margin, while countervailing rates range from 82.03% to 153.67%.
The investigations followed a petition from the Alliance for American Solar Manufacturing and Trade, which alleged unfair trade practices involving largely Chinese-owned manufacturers operating in Laos and Indonesia, along with companies based in India.
Waaree Energies is expected to receive particular attention because of its substantial exposure to the US solar market. The company operates through its US subsidiary, Waaree Solar Americas, and has been expanding its manufacturing and supply infrastructure in the country. Its shares have previously responded sharply to developments involving US trade measures on Indian solar products.
Premier Energies is directly affected by the Commerce Department’s determination. Premier Energies Photovoltaic Private Limited has been assigned a final dumping margin of 123.04%. Investors are likely to assess how the new duties could affect the company’s US exports, pricing and broader operations.
Vikram Solar is another Indian solar manufacturer expected to remain on investors’ radar because of its presence in the US market and exposure to the country’s solar trade environment.
The latest duties could have broader implications for Indian solar exporters as companies evaluate their US strategies, manufacturing footprints and supply chains. For investors, the focus will now shift toward the potential financial and operational impact of the measures as trading resumes after the long weekend.
