New Delhi: The United States (US) has opened a formal investigation into whether Waaree Energies Ltd, India’s largest solar panel manufacturer, circumvented trade duties by mislabeling solar cells imported into the American market.
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The US Customs and Border Protection (CBP) said it has initiated a probe into Waaree and its subsidiary Waaree Solar Americas Inc for allegedly evading anti-dumping and countervailing duties imposed on solar cells originating from China and other Southeast Asian countries. Interim measures have been imposed after the agency found “reasonable suspicion” of duty evasion, according to a public notice.
The investigation stems from a petition filed by the American Alliance for Solar Manufacturing Trade Committee. The group alleged that Waaree misdeclared the origin of Chinese-made solar cells, labeling them as Indian products to bypass tariffs levied on Chinese photovoltaic imports.
Waaree did not immediately respond to a request for comment.
News of the investigation triggered a sell-off in Waaree Energies’ stock, which fell as much as 5.02 percent in afternoon trading on Friday. The company’s shares, however, remain more than double their October 2024 listing price, supported by bullish expectations for India’s renewable energy expansion.
Headquartered in Mumbai, Waaree manufactures solar modules, inverters and other photovoltaic equipment. It has positioned itself as a key player in India’s clean energy push, with the government making domestic solar manufacturing a policy priority to reduce import dependence on China.
The case aligns with the Trump administration’s trade-enforcement posture, which emphasises tariff compliance and protection of domestic manufacturing. US solar producers have argued that subsidised imports from Asia are undercutting a nascent domestic supply chain, and have pressed for tougher action at the border alongside existing duties.
In August, the US Commerce Department launched a new investigation into modules from Indonesia, Laos and India following a complaint from American manufacturers. Earlier this year, steep duties were imposed on solar equipment from Vietnam, Cambodia, Malaysia and Thailand. Together, these steps have tightened scrutiny on Asian solar supply routes and alleged trans-shipment practices into one of the world’s largest solar markets.
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The Waaree probe adds a fresh friction point to renewables trade between Washington and New Delhi. India is pushing to scale domestic solar manufacturing to cut reliance on imports, even as US trade actions have intensified against Asian suppliers and new investigations have named India alongside other exporting nations.