Premier Energies halts US solar cell facility plans amid policy uncertainty

By Sethuraman N R

(Reuters) - Indian solar modules maker Premier Energies on Monday said it will put its plan on hold to build a 1 gigawatt (GW) solar cell manufacturing facility in the US, after newly-elected President Trump ordered a pause on Biden-era green policies.

Premier and North American solar module maker Heliene had announced a joint venture in July 2024 to build a US-based solar cell manufacturing facility to capitalize on the incentives and tax credits for domestic clean energy manufacturing under the Inflation Reduction Act (IRA).

In January, President Trump ordered a halt to spending related to climate and infrastructure laws from the previous administration, paused tax credits for clean industries, and suspended new offshore wind power leasing, while simultaneously unveiling a plan to maximize US oil and gas production and withdraw from the Paris climate agreement.

 

"We still have this plan ... We are waiting for the regime in the US to settle down and be clear on what they want to do. As of now, we have only heard and read that the IRA has been paused," Managing Director Chiranjeev Saluja said in an investor call.

"As a company, we have taken a conscious decision not to move ahead until we get full clarity on this topic," he said.

Concerns over US stance on clean energy have weighed on shares of Premier, which have lost about 23% since hitting a peak in December, after listing in September.

Rival solar module maker Waaree Energies told Reuters last week it is well-prepared to handle potential import tariffs under the Trump administration, leveraging its operations in the state of Texas.  (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)