Premier Energies, India's largest solar energy company, halts U.S. plans for solar cell facilities amid policy uncertainty

Premier Energies, a manufacturer of Indian solar modules, announced on Monday that it would put on hold its plans to build a solar cell factory in the U.S. capable of producing 1 gigawatt. This decision was made after President Trump's inauguration and his halting green policies from the Biden era.

In July 2024, Premier and North American Solar Module Maker Heliene announced a joint-venture to build a U.S. based solar cell manufacturing plant to take advantage of the tax credits and incentives for domestic clean energy production under the Inflation Reduction Act.

In January, the President Trump ordered the suspension of new offshore wind leasing and a halt on spending for climate and infrastructure laws. He also paused the tax credits given to clean industries.

"We are still working on this plan... We're waiting for the U.S. regime to calm down and make it clear what they intend to do." Chiranjeev Saluja, Managing Director of the IRA, said on an investor call that we only know from what we've heard or read so far.

He said, "As an organization, we've made a conscious choice not to proceed until we are certain of the answer."

Premier shares have been impacted by concerns over the U.S. position on clean energy. They have fallen 23% from their peak in December after listing in September.

Waaree Energies, a rival solar module manufacturer, said last week that it was well prepared to handle possible import tariffs under Trump's administration. It leveraged its operations in Texas.

(source: Reuters)