India's Premier Energies pauses U.S. solar cell facility plans amid policy uncertainty

Premier Energies

03/02/2025 14:17

By Sethuraman N R
       Feb 3 (Reuters) - Indian solar modules maker Premier
Energies  PEME.NS  on Monday said it will put its plan on hold
to build a 1 gigawatt (GW) solar cell manufacturing facility in
the U.S., 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 U.S.-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 U.S. oil and gas production and
withdraw from the Paris climate agreement.
    "We still have this plan ... We are waiting for the regime
in the U.S. 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 U.S. 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  WAAN.NS  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.
    

 (Reporting by Sethuraman NR; Editing by Tasim Zahid)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))