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					</table><p>The recent imposition of steep countervailing duties by the U.S. on Indian solar imports is not causing much concern among solar manufacturers, given lower export volumes and their focus on the domestic market.</p>
<p>The U.S. Department of Commerce <a href="https://www.mercomindia.com/us-hits-indian-solar-cells-with-126-preliminary-countervailing-duties" target="_blank" rel="noopener">announced</a> its preliminary determination of countervailing duties of up to 125.87% on crystalline silicon solar cells, whether or not assembled into modules, imported from India.</p>
<p>The investigation found that India exported 232.4 million watts ($83.87 million) of solar cells in 2022, 2.05 billion watts ($760.76 million) in 2023, and 2.3 billion watts ($792.6 million) in 2024.</p>
<p>Domestic manufacturers believe the duties will only have a marginal impact on the industry.</p>
<p>Reacting to the duty imposition, Bengaluru-based <a href="https://emmvee.com/" target="_blank" rel="noopener">Emmvee Photovoltaic Power</a> said its business operations will not be impacted by the U.S. move.</p>
<p>The company said its integrated solar cell and module manufacturing is primarily aligned to domestic demand. “With a strong focus on the Indian market and domestic consumption of its cell output, the company remains insulated from external trade developments of this nature.”</p>
<p>Vinay Rustagi, Chief Business Officer at <a href="https://premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a>, said the company has already reduced the share of exports in its business to zero.</p>
<p>“Even for the wider Indian industry, the announcement has little material impact, as Indian manufacturers have had ample time to refine their sales strategies and business models.”</p>
<p>He explained that U.S. policy has been moving steadily toward banning all imports, and the solar manufacturing sector was prepared for the shock as the countervailing duty investigation was initiated in August 2025.</p>
<p>Rustagi said India’s exports to the U.S. fell by more than 50% in 2025 and are currently estimated at only about 5-7% of total Indian production.</p>
<p>Gyanesh Chaudhary, CMD at <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a>, said that the duties apply specifically to Indian-origin cells, and its U.S. order strategy was not structured around sourcing Indian cells.</p>
<p>He added that Vikram Solar already operates with a diversified supply chain for the U.S. market, including sourcing from geographies with lower tariff exposure. “As a result, the direct financial impact on us is limited. “</p>
<p>Even companies exporting to the U.S. market show resilience against tariffs and expect only a short-term impact.</p>
<p>Abhishek Pareek, Group Head Finance at <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, said that the company does not anticipate any material adverse impact on its ability to service its U.S. order book, as even in 9M FY 2026, it continued to ramp up its deliveries for U.S. shipments despite the earlier imposition of 50% duty on imports from India.</p>
<p>Waaree has an aggregate U.S. module manufacturing capacity of approximately 2.6 GW, including capacity acquired in connection with the Meyer Burger facility acquisition.</p>
<p>It is also expanding its U.S. manufacturing capacity to approximately 4.2 GW by the end of the current financial year, subject to operational ramp-up timelines and other customary factors.</p>
<p>Abhishek Kaushal, Chief Business Officer at <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a>, believes that the duties could reduce export volumes and put pressure on margins for companies dependent on the U.S. in the short term.</p>
<p><strong>Diversifications of Supply Chain</strong></p>
<p>While Indian manufacturers maintain that their limited exposure to the U.S. market cushions them from the impact of these duties, the U.S. remains the most lucrative export market, often helping balance thinner margins at home.</p>
<p>Pareek said that Waaree’s resilience against U.S. tariffs was enabled by its alternative, diversified supply chains developed over the years. It added that it will continue to strengthen its diversified sourcing strategy, underscored by announced investments in Oman aimed at securing a fully traceable, non-Chinese polysilicon supply.</p>
<p>He added that the company is planning to expand localized manufacturing in the U.S. and diversify its supply chain across geographies to further strengthen its supply chain resilience.</p>
<p>Kaushal noted that the likely tariff imposition is expected to push Indian manufacturers to accelerate diversification into alternative international markets across the Middle East, Europe, Africa, and Southeast Asia.</p>
<p>Tanmoy Duari, CEO at <a href="https://axitecsolar.com/in" target="_blank" rel="noopener">AXITEC Energy India</a>, said that the duties<u> a</u>lso underline the urgent need for transparent, rules-based trade practices that support the global energy transition rather than hinder it.</p>
<p>He added that India has emerged as a strong and reliable manufacturing hub for high-efficiency solar modules, backed by robust policy support and rapidly advancing technology. “Protectionist measures of this scale could affect project economics in the U.S. market and potentially slow deployment timelines.”</p>
<p>The rationale behind these protectionist measures is the U.S. push to build a domestic solar manufacturing supply chain, similar to India’s approach.</p>
<p>Import duties, the Approved List of Models and Manufacturers (ALMM) requirements, and additional trade barriers have made exporting cells and modules to India increasingly difficult. The June 2026 rollout of ALMM for cells will add another barrier to protect the local manufacturers.</p>
<p><strong>Resilience of the Domestic Market</strong></p>
<p>Manufacturers have been focusing on the domestic market, where demand is rising due to a government mandate requiring the use of locally made cells listed under ALMM.</p>
<p>The Ministry of New and Renewable Energy recently <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-jumps-to-162-gw" target="_blank" rel="noopener">expanded</a> the ALMM by adding 17,268 MW of solar module capacity. The cumulative module manufacturing capacity under ALMM was at 162,109 MW and solar cell manufacturing capacity <a href="https://mercomindia.com/mnre-expands-solar-cell-manufacturing-capacity-under-almm-to-26477-mw" target="_blank" rel="noopener">stands</a> at 26,477 MW.</p>
<p>According to Mercom India’s Q4 and Annual 2025 India Solar Market Update Report, India <a href="https://mercomindia.com/india-posts-historic-solar-growth-with-36-6-gw-installed-in-2025" target="_blank" rel="noopener">recorded</a> its highest-ever annual solar capacity addition in the calendar year 2025, installing 36.6 GW, a 43% increase over the 25.6 GW added in 2024.</p>


Indian Solar Manufacturers Say Domestic Demand Offsets Impact of U.S. Duties


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					</table><p>Despite record-low renewable energy tariffs, several states have <a href="https://www.mercomindia.com/renewables-growth-yet-to-shift-thermal-centric-state-procurement-strategies" target="_blank" rel="noopener">entered</a> long-term thermal power purchase agreements at significantly higher tariffs of ₹5.38 (~$0.059)-₹7.27 (~$0.079)/kWh, reflecting concerns over supply security, baseload requirements, and renewable intermittency. In recent months, several states have signed multiple power purchase agreements for coal-based thermal power.</p>
<p>The U.S. Department of Commerce <a href="https://www.mercomindia.com/us-hits-indian-solar-cells-with-126-preliminary-countervailing-duties" target="_blank" rel="noopener">announced</a> its preliminary determination of countervailing duties (CVD) of up to 125.87% on crystalline silicon solar cells, whether or not assembled into modules, imported from India. The preliminary duties were announced following an investigation after trade petitions were filed by the Alliance for American Solar Manufacturing and Trade last July.</p>
<p>Keltron Equipment Complex, a unit of the Kerala State Electronics Development Corporation, <a href="https://www.mercomindia.com/keltron-floats-tender-for-1-5-mw-rooftop-solar-project-in-west-bengal" target="_blank" rel="noopener">invited</a> bids to set up a 1.5 MW rooftop solar project at the Kalyani Layer Farm under the West Bengal Livestock Development Corporation. The scope of work includes the design, engineering, installation, commissioning, and comprehensive maintenance. It also includes obtaining approvals, arranging transportation, and supplying all equipment and civil and electrical works.</p>
<p>NTPC Green Energy <a href="https://www.mercomindia.com/ntpc-tenders-green-ammonia-and-methanol-projects-in-andhra-pradesh" target="_blank" rel="noopener">issued</a> a request for proposal to set up green ammonia and green methanol projects at the Pudimadaka Green Hydrogen Hub in Andhra Pradesh. The ammonia and methanol projects will be assessed under Parcel A and Parcel M, respectively. Each parcel will receive up to 30 acres for project development. Bidders can submit proposals for a single parcel or for both parcels in separate applications. Those ranking first for both parcels will be awarded only one.</p>
<p>NTPC Vidyut Vyapar Nigam <a href="https://www.mercomindia.com/nvvn-issues-tender-for-2-1-mw-rooftop-solar-projects-at-three-aiims-sites" target="_blank" rel="noopener">invited</a> bids to develop 2.115 MW of grid-connected rooftop solar projects at the All India Institute of Medical Sciences (AIIMS) in Deoghar, Jharkhand; Gorakhpur, Uttar Pradesh; and Patna, Bihar. The total capacity of 2.115 MW will be installed across three sites: 897 kW at AIIMS Deoghar, 858 kW at AIIMS Gorakhpur, and 360 kW at AIIMS Patna.</p>
<p>Kolkata-based solar module manufacturer Vikram Solar <a href="https://www.mercomindia.com/vikram-solar-secures-378-mw-module-supply-order-from-ntpc-indian-oil-jv" target="_blank" rel="noopener">secured</a> an order for the supply of 378.75 MW of N-TOPCon modules for Indian Oil-NTPC Green Energy’s 600 MW solar project in Nakhatrana, Kutch district, Gujarat. Vikram will start supplying the modules in the current financial year.</p>
<p>POWERGRID Narela Transmission, a wholly owned subsidiary of Power Grid Corporation of India, <a href="https://www.mercomindia.com/powergrid-commissions-project-to-evacuate-8-1-gw-solar-power-from-rajasthan" target="_blank" rel="noopener">commissioned</a> the final interstate transmission system to evacuate 8.1 GW of power from solar energy zones in Rajasthan. The commissioning marks the completion of the infrastructure awarded as a part of national transmission planning for renewable integration under Phase II Part G. It will facilitate the evacuation of solar power through high-capacity 765 kV corridors and strengthen grid stability.</p>
<p>Clean energy solutions provider Clean Max Enviro Energy Solutions’ (CleanMax) ₹31 billion (~$340.92 million) initial public offering (IPO) was <a href="https://www.mercomindia.com/renewable-energy-solutions-provider-cleanmaxs-ipo-subscribed-94" target="_blank" rel="noopener">subscribed</a> 0.94 times at the end of the bidding window on February 25, 2026. The price band was set at ₹1,000 (~$11) to ₹1,053 (~$12) per equity share with a face value of ₹1 (~$0.011). The IPO saw bids for 20.57 million shares out of the 21.8 million shares on offer.</p>


Daily News Wrap-Up: States Favor Thermal Despite Renewable Energy Growth


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					</table><p>The <a href="https://www.commerce.gov/" target="_blank" rel="noopener">U.S. Department of Commerce</a> has announced its preliminary determination of countervailing duties of up to 125.87% on crystalline silicon solar cells, whether or not assembled into modules, imported from India.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/CVD-table.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-91157 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/CVD-table.png" alt="" width="689" height="331" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/CVD-table.png 689w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/CVD-table-300x144.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/CVD-table-650x312.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/CVD-table-624x300.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/CVD-table-600x288.png 600w" sizes="auto, (max-width: 689px) 100vw, 689px" /></a></p>
<p>The preliminary duties were announced following an investigation after trade petitions were <a href="https://www.mercomindia.com/us-trade-petitions-against-solar-exports-india" target="_blank" rel="noopener">filed</a> by the Alliance for American Solar Manufacturing and Trade last July. Commerce had <a href="https://www.mercomindia.com/us-initiates-anti-dumping-probe-into-indian-solar-cell-imports" target="_blank" rel="noopener">initiated</a> anti-dumping duty (AD) and countervailing duty (CVD) investigations in August 2025.</p>
<p>Commerce is expected to release the final determinations on countervailing duties by July 6, 2026. It is also conducting a parallel investigation to determine anti-dumping duties on solar cells imported from India.</p>
<p>The investigation found that India exported 232.4 million watts ($83.87 million) of solar cells in 2022, 2.05 billion watts ($760.76 million) in 2023, and 2.3 billion watts ($792.6 million) in 2024. It concluded that solar cell imports benefited from a wide array of countervailable subsidies, including export incentives, state-level industrial policies, preferential financing, and cross-border input subsidies involving China.</p>
<p>Commerce sought inputs into the complaints made by U.S. solar companies from Mundra Solar PV and Mundra Solar Energy, Waaree Energies, and Waaree Solar Americas. However, after submitting initial responses, Mundra Solar PV and Mundra Solar Energy withdrew from the investigation in November 2025.</p>
<p>It also set preliminary countervailing duties of up to 143.3% on crystalline silicon solar cell imports from Indonesia, and up to 80.67% for imports from the Lao People’s Democratic Republic (Laos).</p>
<p>According to the investigation, Indonesia exported 499 million watts ($177.5 million) of solar cells in 2022, 521.85 million watts ($171.9 million) in 2023, and 1.8 billion watts ($415.2 million) in 2024. Laos exported 44,629 watts (~$6,694) of solar cells in 2023 and 1.9 billion watts ($335.7 million) in 2024.</p>
<p>At the time of launching the investigation, Commerce said it had been alleged that India is dumping at a rate of 123.04%, and Laos at 123.12% to 190.12%, and Indonesia at 94.36%. All three countries are dumping with a subsidy rate of more than 2%.</p>
<p>It had also said that India exported 2.29 GW of crystalline cells/modules worth $792.64 million to the U.S. in 2024. Laos exported 1.9 GW, valued at $335.73 million, and Indonesia exported 1.8 GW of cells and modules, valued at $415.19 million.</p>


US Hits Indian Solar Cells with 126% Preliminary Countervailing Duties


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					</table><p>The <a href="https://www.commerce.gov.in/">Ministry of Commerce and Industry</a> has finalized anti-dumping duties on imports of textured tempered solar glass from China and Vietnam.</p>
<p>A ministry investigation concluded that dumping of solar glass by the two countries had caused material injury to the domestic industry.</p>
<p>To offset the impact of dumped imports on the domestic industry, the investigation found it necessary to impose anti-dumping duties on the solar glass imports.</p>
<p>Anti-dumping duties have been determined within the range of $658-$664/MT for China and $570-$664/MT for Vietnam.</p>
<p>The investigation found the landed value of the imported solar glass is below the selling price of the domestic industry, thereby leading to price suppression.</p>
<p>It added that import prices have not moved along with the cost of production, which has prevented the domestic industry from increasing its prices.</p>
<p>It also revealed that in the investigation period from January 2023 to December 2023, imports from China and Vietnam increased significantly from 29,980 MT in 2020-21  to 779,017 MT during the period of investigation.</p>
<p>The investigation also added that due to the impact of dumped imports, the domestic industry&#8217;s market share declined significantly.</p>
<p>The table below provides details of the goods, tariff classifications, origin, export countries, producers, and the applicable provisional anti-dumping duties:</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76398 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass.png" alt="" width="848" height="564" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass.png 848w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass-768x511.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass-650x432.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass-624x415.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/ADD-solar-glass-600x399.png 600w" sizes="auto, (max-width: 848px) 100vw, 848px" /></a></p>
<p>Borosil Renewable initiated the investigation which <a href="https://www.mercomindia.com/dgtr-anti-dumping-probe-solar-glass">began</a> in February 2024.</p>
<p>In November 2024, the Ministry of Finance <a href="https://www.mercomindia.com/india-slaps-anti-glass-from-china-and-vietnam">issued</a> provisional anti-dumping duties on imported textured, tempered, coated, and uncoated solar glass from China and Vietnam.</p>
<p>Additionally, the Ministry of Commerce concluded its anti-subsidy investigation on the import of solar glass from Vietnam.</p>
<p>Countervailing duties have been determined within the range of within the range of $539-$664/MT.</p>
<p>The table below provides details of the goods, tariff classifications, origin, export countries, producers, and the applicable provisional countervailing duties:<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/CVD-solar-glass.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76399 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/CVD-solar-glass.png" alt="" width="691" height="202" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/CVD-solar-glass.png 691w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/CVD-solar-glass-300x88.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/CVD-solar-glass-650x190.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/CVD-solar-glass-624x182.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/CVD-solar-glass-600x175.png 600w" sizes="auto, (max-width: 691px) 100vw, 691px" /></a></p>
<p>The investigation concluded that the imports from Vietnam increased manifold during the investigation period. It concluded that countervailing duties must be imposed on imports of solar glass Vietnam for five years in parallel with the imposition of anti-dumping duties.</p>
<p>The imposition of anti-dumping duties on solar glass imports has also <a href="https://www.mercomindia.com/anti-dumping-solar-glass-module-price-increases" target="_blank" rel="noopener">raised</a> concerns about further module price increases in an industry already grappling with higher costs since April following the reimposition of the Approved List of Models and Manufacturers.</p>


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