In an interview with the Financial Times on Monday, Sinha said there will be demand for Indian-made solar components as the U.S. reduces its dependence on China during the energy transition.
He also noted that ReNew is considering exporting products manufactured in India to the U.S. in accordance with U.S. tariff regulations.
To protect its domestic industry, the U.S. has imposed increased tariffs on Chinese electric vehicles and solar cells since the end of last month. This is due to the oversupply of cheap Chinese solar panels in the global market.
On Oct. 1, the U.S. Department of Commerce also made a preliminary determination to impose countervailing duties on solar cells imported from Cambodia, Malaysia, Thailand, and Vietnam. The decision was made amid concerns that several Chinese companies had assembled solar modules in Southeast Asian countries to evade U.S. tariffs on Chinese products.
U.S. solar companies are turning their attention to regions not subject to tariffs, the Finacial Times said.
Energy and natural resources consulting firm Wood Mackenzie projected that solar cell production outside of China and Southeast Asia will more than double over the next couple of years, with India accounting for 40 percent of that growth.
Market research firm BloombergNEF reported that India's exports of solar panels and cells exceeded $1.8 billion in 2023, a significant increase from $250 million in 2022.
Copyright ⓒ Aju Press All rights reserved.
