MARKET STRUCTURE · REGULATORY · INDIA
US countervailing duties on Indian solar cells/modules (preliminary determination)
Change
On Feb 24, the US Commerce Department issued a preliminary affirmative CVD determination setting a 125.87% countervailing duty on Indian crystalline silicon solar cells and modules, with a final determination scheduled for July 6.
Why it matters
The preliminary 125.87% CVD rate materially changes the economics of shipping Indian-made crystalline silicon PV cells and modules into the US market, which had become a major export destination (US imports from India were cited at $792.6m in 2024). Because the determination is affirmative, US buyers and Indian suppliers now face a higher duty overhang through the final decision date (July 6), affecting pricing, delivery schedules, and order-book certainty. Public-market pricing reacted immediately, with shares of major Indian manufacturers falling on the announcement. The action is part of a Commerce CVD investigation covering India, Indonesia, and Laos, and is separate from broader US global tariffs referenced in the article.
Implications
- • US market access for India-made PV cells/modules is constrained by a 125.87% CVD rate
- • US buyers’ effective procurement cost for Indian PV cells/modules increases sharply
- • Export volumes from India to the US face additional downside pressure through July 6
- • Public-market valuation and financing conditions for exposed manufacturers may tighten
Who is affected
- • Indian PV cell and module manufacturers exporting to the US (e.g., Waaree, Premier, Vikram)
- • US solar project developers/EPCs procuring crystalline silicon modules
- • US solar distributors/importers handling India-origin PV products
- • Non-US manufacturing footprints tied to US supply chains (e.g., Oman/US capacity cited)
Source
Topics
World & Politics Trade & Tariffs Law & Public Safety Regulatory Actions Energy & Power Renewable Energy