Waaree Energies, Premier Energies: Solar panel manufacturers in focus as US firms seek tariffs on Indian imports

The group, according to the report, has accused these companies of dumping cheap goods in the US market to undercut new American factories.

The petition is the latest effort by the small US solar manufacturing industry to seek trade relief to protect billions of dollars of recent investment and compete with goods produced mainly by Chinese companies overseas, Reuters reported.

The Alliance for American Solar Manufacturing and Trade, which filed the petition, includes Tempe, Arizona-based First Solar, Qcells, the solar division of Korea's Hanwha, and private companies Talon PV and Mission Solar, the report added.

The development is significant for companies, especially. Waaree Energies. According to reports, Waaree Energies earned 58% of its FY24 revenues from exports, with the US as its key market.

Waaree Energies increased its revenue by 50% in FY22 and then doubled it in FY23 and FY24. Waaree is primarily an export-driven business, with about 70% of its revenue in FY23 coming from countries like the US, Canada, Hong Kong, and Turkey.

However, this shifted in FY24, with 40% of the revenue coming from domestic operations. This change is expected, as the growing demand for solar energy in India is a major driver for revenue growth among local players, according to an article by The ALT Investor.

Similarly, Premier Energies was the largest solar cell exporter to the US market in FY 2024. The company, as per available reports, exported US$31.2 million worth of solar cells to the US in FY2024.

The company has five manufacturing facilities all located in Hyderabad, Telangana, India, and it conducts its operations through eight subsidiaries in India and overseas.