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Waaree Energies Faces US Probe Over Alleged Duty Evasion

Waaree Energies, India’s largest solar panel manufacturer, is under investigation by US Customs and Border Protection (CBP) for allegedly evading anti-dumping and countervailing duties. The company is accused of mislabeling solar cells and panels imported from China and Southeast Asia as “Made in India” to bypass trade restrictions.

The investigation, initiated after a petition by the American Alliance for Solar Manufacturing Trade Committee, has led CBP to impose interim measures against Waaree and its subsidiary, Waaree Solar Americas. This comes amid heightened US scrutiny, as the Department of Commerce also launched a separate probe in August into Indian solar exports.

In response, Waaree stated it has always complied with local laws and will fully cooperate with US authorities. Despite this assurance, the company’s stock fell nearly 7% to Rs3,207.3 following the news. Waaree emphasized that the US remains a critical market, highlighting its 1.6 GW module manufacturing facility in Texas, which is being expanded to 3.2 GW, and recent acquisition of Meyer Burger’s assets to strengthen its American operations.