Waaree Energies Hopes For Minimal US Tariff Restrictions For 'Win-Win' Situation

Leading solar panel producer Waaree Energies Ltd. is keeping a close watch on the development in the United States amid the ongoing discussions on the proposed India-US trade agreement. The company is still unclear about the impact of tariffs imposed by US President Donald Trump.

The best possible outcome from the India-US trade deal, once finalised, would be minimal tariff restrictions for both parties, according to Dr. Amit Paithankar, whole-time director and chief executive officer, Waaree Energies.

“We have not heard with clarity what's going to happen, we are still observing…the Free Trade Agreement between India and the US is also in the offing…the best outcome for the solar industry in India would be minimal tariff restrictions either way,” he told NDTV Profit on Thursday.

It would be a “win-win” situation for both countries, according to him.

“There are polysilicon manufacturers in United States and if we can have an unrestricted access to that polysilicon to then, later on, converting them to ingots, wafer cells and modules and then bringing it back to the US. I think it's a win-win situation for both the countries. That would be a great outcome,” he said. 

Meanwhile, the trade agreement between India and the US is expected to be finalised before the original deadline of fall 2025 (October-November) set by Prime Minister Narendra Modi and President Donald Trump.

India is in active talks with the US for a bilateral trade agreement and is well on track to complete it before fall 2025, Commerce and Industry Minister Piyush Goyal had said earlier this week.

Waaree Energies has secured 1.2 GW of orders from the US in the first quarter of FY26. Paithankar underlined that the US is a “very, very strong market” and will fuel the company’s growth over the next five years as well as the coming decades.

“From 2025 to 2030, the US demand for electricity is going to go up by 25%...this demand is being driven by several factors. AI and data centres are a very, very key piece of the puzzle,” he said. Dr. Paithankar noted that their share of US electricity consumption is projected to leap from 2.2% currently to 7-7.5% by 2030.

"Couple it with electrification of transportation, electrification of heating through heat pumps...reshoring of industries, all of that is fuelling a serious requirement of electricity," he added. 

In this environment, Paithankar firmly believes that solar, alongside battery energy storage systems, "will bubble up as the topmost" solution due to its cost-effectiveness and the speed at which it can be deployed at scale.

Shares of Waaree Energies Ltd. were trading 0.47% lower at Rs 2,870.4 apiece on the NSE at 1:45 p.m. on Thursday, compared to a 0.94% decline in the benchmark Nifty 50 at 24,904.55.