Waaree Energies Clarifies US Trade Commission Solar Import Report

Waaree Energies has issued a clarification regarding a news article about its submission to the US International Trade Commission (USITC) concerning solar import origins. The company states the investigation covers the entire Indian solar industry, not just Waaree, and that no penalty or liability has been assessed against the company. The article quoted a difference in how the country of origin was reported on past shipments, where Waaree declared modules as Indian-origin based on Indian rules, while US Customs used the cell manufacturing country for duty purposes. This affected a limited number of historical shipments. Waaree reiterates that no new admissions have been made and that this is the same matter previously disclosed to stock exchanges. US Customs confirmed Waaree did not ship modules made with Chinese cells to the US, and their findings on AD/CVD duty liability are limited to a small set of past shipments, with no new financial or operational impact. The rationalization of the order book, also mentioned in the article, was a prudent reassessment of direct-export contracts due to general US trade measures, not specific to the CBP proceeding.