Latest news with #FirstSolarInc.
Yahoo
12-05-2025
- Business
- Yahoo
GOP to Phase Out Biden Energy Credits to Pay for Tax Cuts
(Bloomberg) -- House Republicans are proposing to eliminate a tax credit for electric vehicles and phase out incentives for the production of clean energy to help pay for President Donald Trump's massive tax package. A New Central Park Amenity, Tailored to Its East Harlem Neighbors As Trump Reshapes Housing Policy, Renters Face Rollback of Rights What's Behind the Rise in Serious Injuries on New York City's Streets? NYC Warns of 17% Drop in Foreign Tourists Due to Trump Policies LA Mayor Credits Trump on Fire Aid, Stays Wary on Immigration The incentives put in place by former President Joe Biden's signature climate law have been ripe targets for lawmakers looking for trillions of dollars to help pay for extending Trump's tax cuts. The president himself has had a bullseye on them, deriding them as part of the 'green new scam.' But the draft legislation released Monday by House tax writers may not be as bad for producers of clean electricity from sources such as solar and wind, who feared a more aggressive phase out. First Solar Inc., the largest US solar manufacturer, rose 11% on Monday. Sunrun Inc., the largest US residential solar company, rose nearly 17%. 'The proposal is mostly a win for US solar manufacturers and developers,' said Rob Barnett, senior analyst at Bloomberg Intelligence. 'The fear is that the investment and production tax credits could have been gutted sooner.' In the Republicans' proposal, popular production and investment tax credits for clean electricity would be phased out by the end of 2031 and new requirements against using materials from certain foreign nations would be added. Under the climate bill passed by Democrats in 2022, those credits weren't set to expire until the later part of 2032 or until until carbon emissions from the US electricity sector decline to at least 75% below 2022 levels, which analysts said would take decades. A tax credit for the production of nuclear energy would also be phased out by 2031 in the Republican plan. House Republicans opted to keep other credits, such as an incentive for carbon capture that provides as much as $85 a ton and extended by four years an incentive that provides a per-gallon credit for makers of biofuels and other so-called clean transportation fuels based on the intensity of carbon production. Other credits would be fully repealed. Under the Republicans' proposal, a popular consumer tax credit of up to $7,500 for the purchase of an electric vehicle would be fully eliminated by the end of 2026, and only manufactures that have sold fewer than 200,000 electric vehicles by the end of this year would would be eligible to receive it in 2026, according to bill text. Tax incentives for the purchase of commercial electric vehicles and used electric vehicles would also be repealed, as well as a clean energy credit for homeowners that has benefited the residential solar market. The electric vehicle incentive was expanded in Democrats' Inflation Reduction Act. Its cost is projected to balloon from an initial estimate of $12.5 billion made by the Congressional Budget Office in 2022. An analysis by consulting firm Capital Alpha Partners in March said the credit's 10-year cost could total more than $200 billion. Republicans are also proposing to eliminate a tax credit that provides as much as $3-per-kilogram for the production of hydrogen, a clean-burning fuel seen as critical for decarbonizing steel, cement and heavy transportation. Companies such as FuelCell Energy Inc. and hydrogen producer Plug Power Inc. have been closely watching the credits. In addition, Republicans proposed repealing tax credit 'transferability,' which allows a project sponsor to sell tax credits to a third party, for several of the credits, starting two years after the legislation becomes law. The legislation, which is set to receive a key vote by the House Ways and Means Committee later this week, is likely to be changed in the Senate. --With assistance from Mark Chediak. (Updates with company reaction in third paragraph, analyst comment in fourth, additional details throughout) US Border Towns Are Being Ravaged by Canada's Furious Boycott The Recession Chatter Is Getting Louder. Watch These Metrics How the Lizard King Built a Reptile Empire Selling $50,000 Geckos With the New York Liberty, Clara Wu Tsai Aims for the First $1 Billion Women's Sports Franchise Maybe AI Slop Is Killing the Internet, After All ©2025 Bloomberg L.P.
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Business Standard
22-04-2025
- Business
- Business Standard
US imposes tariffs as high as 3,521% on solar imports from Southeast Asia
The US set new duties as high as 3,521 per cent on solar imports from four Southeast Asian countries, delivering a win for domestic manufacturers while intensifying headwinds already threatening the country's renewable power development. The duties announced Monday are the culmination of a yearlong trade probe that found solar manufacturers in Cambodia, Vietnam, Malaysia and Thailand were unfairly benefiting from government subsidies and selling exports to the US at rates lower than the cost of production. The investigation was sought by domestic solar manufacturers and initiated under former President Joe Biden. While the duties are set to benefit domestic manufacturers, they also will pinch US renewable developers that have long relied on inexpensive foreign supplies, heightening uncertainty for a sector whipsawed by political and policy changes in Washington. The levies will be in addition to new widespread tariffs imposed by US President Donald Trump that have upended global supply chains and markets. The antidumping and countervailing duties, as they are known, are designed to offset the value of alleged unfair subsidization and pricing, as calculated by the Commerce Department. The department's determination is a victory for domestic manufacturing that both Trump and Biden have tried to galvanize. Potential beneficiaries include Hanwha Q Cells and First Solar Inc., among others. Although the promise of subsidies and demand stoked by Biden's Inflation Reduction Act have helped drive a wave of interest — and investment — in new domestic solar panel factories across the US, manufacturers warned those factories were imperiled by foreign rivals selling their equipment at below-market prices. 'This is a decisive victory for American manufacturing,' said Tim Brightbill, co-chair of Wiley's international trade practice and lead counsel for the coalition of solar companies that pursued the case. The findings confirm 'what we've long known: that Chinese-headquartered solar companies have been cheating the system, undercutting US companies and costing American workers their livelihoods,' he said. Countrywide duties were set as high as 3,521 per cent for Cambodia, reflecting the country's decision to stop participating in the investigation, according to the Commerce Department. The US imported $12.9 billion in solar equipment last year from the four countries that would be subject to the new duties, according to BloombergNEF. That represents about 77 per cent of total module imports. Companies not named in Vietnam face duties of as much as 395.9 per cent with Thailand set at 375.2 per cent. Country-wide rates for Malaysia were posted at 34.4 per cent. Jinko Solar was assessed duties of about 245 per cent for exports from Vietnam and 40 per cent for exports from Malaysia. Trina Solar in Thailand faces levies of 375 per cent and more than 200 per cent from Vietnam. JA Solar modules from Vietnam could be assessed at about 120 per cent. Trina shares ended trading 2.6 per cent lower on Tuesday in Asia, while Jinko fell 2.9 per cent and JA Solar declined 0.7 per cent. Shares of First Solar gained 7.2 per cent in pre-market trading on Tuesday morning in the US, while Jinko fell 2.9 per cent and Canadian Solar Inc. declined 4.2 per cent. 'We don't think the higher rates will have much financial impact especially post recent reciprocal tariffs,' according to a note by BofA Global Research. Indonesia is expected to have more than 20 gigawatts of foreign-owned solar manufacturing capacity by the middle of this year, from just 1 gigawatt at the end of 2022, according to BloombergNEF. However, other nations including India, Indonesia and Laos could be targeted by a possible new round of duties later this year, according to a note by Roth Industries citing Joseph C. Johnson, an associate director at Clean Energy Associates. Chinese solar maker JA Solar said in a written response to Bloomberg News that the company is closely monitoring the US tariff development while accelerating its globalization efforts. These include a manufacturing plant in Oman that will start operation by the end of 2025 with 6-gigawatt cells and 3-gigawatt module capacity. The duties hinge on separate action by the US International Trade Commission, which is set to decide in about a month whether producers are being harmed or are threatened by the imports. After similar duties were imposed on solar imports from China roughly 12 years ago, Chinese manufacturers responded by setting up operations in other nations that weren't affected by the tariffs. The US initiated a probe that was triggered by an April petition from the American Alliance for Solar Manufacturing Trade Committee, which represents companies including First Solar, Hanwha Q Cells and Mission Solar Energy LLC.
The Star
22-04-2025
- Business
- The Star
US slaps up to 3,521% tariffs on solar imports from Malaysia, Vietnam, Thailand, and Cambodia
The US set new duties as high as 3,521% on solar imports from four Southeast Asian countries, delivering a win for domestic manufacturers while intensifying headwinds already threatening the country's renewable power development. The duties announced Monday are the culmination of a yearlong trade probe that found solar manufacturers in Cambodia, Vietnam, Malaysia and Thailand were unfairly benefiting from government subsidies and selling exports to the US at rates lower than the cost of production. The investigation was sought by domestic solar manufacturers and initiated under former President Joe Biden. While the duties are set to benefit domestic manufacturers, they also will pinch US renewable developers that have long relied on inexpensive foreign supplies, heightening uncertainty for a sector whipsawed by political and policy changes in Washington. The levies will be in addition to new widespread tariffs imposed by US President Donald Trump that have upended global supply chains and markets. The antidumping and countervailing duties, as they are known, are designed to offset the value of alleged unfair subsidization and pricing, as calculated by the Commerce Department. The department's determination is a victory for domestic manufacturing that both Trump and Biden have tried to galvanize. Potential beneficiaries include Hanwha Q Cells and First Solar Inc., among others. Although the promise of subsidies and demand stoked by Biden's Inflation Reduction Act have helped drive a wave of interest - and investment - in new domestic solar panel factories across the US, manufacturers warned those factories were imperiled by foreign rivals selling their equipment at below-market prices. "This is a decisive victory for American manufacturing,' said Tim Brightbill, co-chair of Wiley's international trade practice and lead counsel for the coalition of solar companies that pursued the case. The findings confirm "what we've long known: that Chinese-headquartered solar companies have been cheating the system, undercutting US companies and costing American workers their livelihoods,' he said. Countrywide duties were set as high as 3,521% for Cambodia, reflecting the country's decision to stop participating in the investigation, according to the Commerce Department. The US imported $12.9 billion in solar equipment last year from the four countries that would be subject to the new duties, according to BloombergNEF. That represents about 77% of total module imports. Companies not named in Vietnam face duties of as much as 395.9% with Thailand set at 375.2%. Country-wide rates for Malaysia were posted at 34.4%. Jinko Solar was assessed duties of about 245% for exports from Vietnam and 40% for exports from Malaysia. Trina Solar in Thailand faces levies of 375% and more than 200% from Vietnam. JA Solar modules from Vietnam could be assessed at about 120%. Chinese solar stocks remained largely muted after markets opened on Tuesday, with Trina down 1.6%, Jinko down 0.9% and JA Solar down 0.1%, as the US decision was largely expected and companies have been moving some manufacturing capacity to tariff-free nations such as Indonesia and Laos. "We don't think the higher rates will have much financial impact especially post recent reciprocal tariffs,' according to a note by BofA Global Research. Indonesia is expected to have more than 20 gigawatts of foreign-owned solar manufacturing capacity by the middle of this year, from just 1 gigawatt at the end of 2022, according to BloombergNEF. However, other nations including India, Indonesia and Laos could be targeted by a possible new round of duties later this year, according to a note by Roth Industries citing Joseph C. Johnson, an associate director at Clean Energy Associates. Chinese solar maker JA Solar said in a written response to Bloomberg News that the company is closely monitoring the US tariff development while accelerating its globalization efforts. These include a manufacturing plant in Oman that will start operation by the end of 2025 with 6-gigawatt cells and 3-gigawatt module capacity. The duties hinge on separate action by the US International Trade Commission, which is set to decide in about a month whether producers are being harmed or are threatened by the imports. After similar duties were imposed on solar imports from China roughly 12 years ago, Chinese manufacturers responded by setting up operations in other nations that weren't affected by the tariffs. The US initiated a probe that was triggered by an April petition from the American Alliance for Solar Manufacturing Trade Committee, which represents companies including First Solar, Hanwha Q Cells and Mission Solar Energy LLC. - Bloomberg
Malaysian Reserve
22-04-2025
- Business
- Malaysian Reserve
US imposes new duties on solar imports from Southeast Asia
THE US set new duties as high as 3,521% on solar imports from four Southeast Asian countries, delivering a win for domestic manufacturers while intensifying headwinds already threatening the country's renewable power development. The duties announced Monday are the culmination of a yearlong trade probe that found solar manufacturers in Cambodia, Vietnam, Malaysia and Thailand were unfairly benefiting from government subsidies and selling exports to the US at rates lower than the cost of production. The investigation was sought by domestic solar manufacturers and initiated under former President Joe Biden. While the duties are set to benefit domestic manufacturers, they also will pinch US renewable developers that have long relied on inexpensive foreign supplies, heightening uncertainty for a sector whipsawed by political and policy changes in Washington. The levies will be in addition to new widespread tariffs imposed by US President Donald Trump that have upended global supply chains and markets. The antidumping and countervailing duties, as they are known, are designed to offset the value of alleged unfair subsidization and pricing, as calculated by the Commerce Department. The department's determination is a victory for domestic manufacturing that both Trump and Biden have tried to galvanize. Potential beneficiaries include Hanwha Q Cells and First Solar Inc., among others. Although the promise of subsidies and demand stoked by Biden's Inflation Reduction Act have helped drive a wave of interest — and investment — in new domestic solar panel factories across the US, manufacturers warned those factories were imperiled by foreign rivals selling their equipment at below-market prices. 'This is a decisive victory for American manufacturing,' said Tim Brightbill, co-chair of Wiley's international trade practice and lead counsel for the coalition of solar companies that pursued the case. The findings confirm 'what we've long known: that Chinese-headquartered solar companies have been cheating the system, undercutting US companies and costing American workers their livelihoods,' he said. Countrywide duties were set as high as 3,521% for Cambodia, reflecting the country's decision to stop participating in the investigation, according to the Commerce Department. Companies not named in Vietnam face duties of as much as 395.9% with Thailand set at 375.2%. Country-wide rates for Malaysia were posted at 34.4%. Jinko Solar was assessed duties of about 245% for exports from Vietnam and 40% for exports from Malaysia. Trina Solar in Thailand faces levies of 375% and more than 200% from Vietnam. JA Solar modules from Vietnam could be assessed at about 120%. The US imported $12.9 billion in solar equipment last year from the four countries that would be subject to the new duties, according to BloombergNEF. That represents about 77% of total module imports. The duties hinge on separate action by the US International Trade Commission, which is set to decide in about a month whether producers are being harmed or are threatened by the imports. After similar duties were imposed on solar imports from China roughly 12 years ago, Chinese manufacturers responded by setting up operations in other nations that weren't affected by the tariffs. The US initiated a probe that was triggered by an April petition from the American Alliance for Solar Manufacturing Trade Committee, which represents companies including First Solar, Hanwha Q Cells and Mission Solar Energy LLC. US-based First Solar rose 0.6% after regular market hours. –BLOOMBERG
Yahoo
03-03-2025
- Business
- Yahoo
Sunnova's 71% Stock Plunge Heralds US Solar's State of ‘Chaos'
(Bloomberg) -- Sunnova Energy International Inc. shares plunged 71% as the company warned there's substantial doubt it will remain in business. That came less than a week after First Solar Inc., the biggest US solar manufacturer, said it was seeing increasing customer delays. And it was also on the heels of Sunrun Inc., the biggest US residential solar company, saying it expects installation volumes to be flat this year. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty Remembering the Landscape Architect Who Embraced the City How Upzoning in Cambridge Broke the YIMBY Mold NYC Office Buildings See Resurgence as Investors Pile Into Bonds Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park The US solar industry is in the midst of the biggest reckoning it's faced since going mainstream more than a decade ago. Business for rooftop solar was already hurt by high interest rates and lower state incentives. Now, President Donald Trump's moves against green energy means developers of large-scale projects are seeing new risks, including potential permitting obstacles, clouding the outlook for growth. Trump's push to unravel former President Joe Biden's Inflation Reduction Act is also making some investors nervous that key federal financial incentives will disappear. Attendees of last week's Intersolar & Energy Storage North America conference in San Diego, one of the country's biggest annual industry events, warned that the uncertainty gripping the industry is likely to last through much of this year, or at least until the Trump administration gives more clear signals on what's next for policy. 'In the meantime, it will be chaos, and intentionally so,' Tom Starrs, vice president of government and public affairs at EDP Renewables, North America, said during the keynote panel at the conference. 'With uncertainty comes risk, and with risk, comes a holding back of new investments.' Solar had been viewed as a crucial answer for dealing with rising electric demand while capping global emissions — the industry provided the most new annual US power capacity last year and is expected to do the same for this year. But just as the world hits record after record for heat, power demand may surge the most in decades on the back of the artificial intelligence boom. Meanwhile, Trump's administration has moved quickly to position natural gas to dominate the new electric supplies, threatening both solar's grip on the market and the climate fight. The residential solar sector has been the hardest hit so far. On Monday, Sunnova said it doesn't have enough cash coming in to meet its obligations and is suspending guidance. The company said its management has made plans to address the risk, including refinancing debt, getting additional debt financing, cutting expenses and revising dealer payment terms. It also said it hired a financial adviser to help 'manage certain aspects of debt management and refinancing efforts,' without disclosing the name. Sunrun last week lowered its cash generation guidance for the year. Sunnova shares traded down 59% to about 68 cents as of 12:28 p.m. in New York, after earlier slumping more than 70%, the most on record. Sunrun dropped as much as 7.9% on Monday. Analysts have been lowering their home solar installation projections in 2025 after installs fell by nearly 20% in 2024. And meanwhile, the Trump administration and Congress are considering moving to cut the tax credits that Sunnova and others have counted on to generate cash. That's on top of a federal freeze of loans and grants that were aided by Biden's signature climate law. 'They've had the rug pulled out from under them,' said Melissa Bergsneider, an executive account manager at Allume Energy. Meanwhile, energy forecasts show that the US will need 128 gigawatts of new capacity by 2029 to meet high summer peak demand, First Solar Chief Executive Officer Mark Widmar said on an earnings call last week. Analysts at Wood Mackenzie, a energy research firm, forecast that even with new gas plants, unmet power demand in the US will be around 114 gigawatts by 2030, according to a presentation at Intersolar. Solar leaders contend the sector is still well-suited to meet increasing power demand, especially given the industry's ability to ramp up quickly. Large-scale nuclear plants take more than a decade to come online, while natural gas capacity could take half a decade to scale and still cost more than it did five years ago, due to supply-chain constraints and turbine shortages, Widmar said. But developers at the gathering also reported that they had less responsive interactions with government agencies. That can slow projects, said Jeff Osborne, a TD Cowen analyst who attended the event. 'This is rock bottom as it relates to uncertainty,' he said. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The US Is Withdrawing From Global Health at a Dangerous Time Trump's SALT Tax Promise Hinges on an Obscure Loophole Walmart Wants to Be Something for Everyone in a Divided America Snack Makers Are Removing Fake Colors From Processed Foods ©2025 Bloomberg L.P.
