US CVD to have limited impact on Indian solar firms

Leading Indian solar manufacturers have said the United States’ decision to impose countervailing duties (CVD) on certain solar imports from India will have limited impact on their businesses, citing diversified supply chains and a stronger focus on the domestic market.

Vikram Solar CMD Gyanesh Chaudhary said the preliminary US anti-dumping and countervailing duties apply specifically to Indian-origin solar cells. He noted that the company’s US order strategy was not built around sourcing Indian cells and that it operates a diversified supply chain, including sourcing from geographies with lower tariff exposure. As a result, the direct financial impact is limited. He added that easing of evacuation infrastructure is expected to accelerate installation momentum, highlighting a recent 378.75 MW module order from Indian Oil-NTPC Green Energy in Gujarat.

Waaree Energies Group Head (Finance) Abhishek Pareek said the company does not anticipate any material adverse impact on servicing its US order book, even after the US Department of Commerce announced preliminary countervailing duties of 126 per cent on certain solar imports from India. He noted that deliveries to the US have continued to ramp up despite an earlier 50 per cent duty.

Premier Energies Chief Business Officer Vinay Rustagi said the company has reduced exports to nearly nil, insulating it from US duties. Emmvee Photovoltaic Power Ltd also clarified that its operations remain unaffected as it is primarily aligned to domestic demand.

Industry experts said US tariffs may increase price competition in India if excess production is diverted to the domestic market.