First Solar Jumps After Report Says Biden to End Trade Loophole

image is BloomburgMedia_SC3LJZDWRGG000_17-04-2024_20-00-08_638489088000000000.jpg

First Solar photovoltaic panels at the Desert Stateline Solar Facility, a 300 MW utility-scale photovoltaic power station, in the Mojave Desert in San Bernardino County, California, US, on Sunday, March 12, 2023. California aims to end greenhouse gas emissions from its electricity grid by 2045. Photographer: Bing Guan/Bloomberg

First Solar Inc., the biggest US solar manufacturer, surged Wednesday following a Reuters report that the Biden administration is likely to remove a tariff exemption for two-sided panels.

No timeline on the anticipated removal has been made, Reuters said, citing people familiar with the matter.

First Solar jumped as much as 6.1% in intraday trading Wednesday.

US-based solar manufacturers have long sought a removal of the exemption for two-sided, or bifacial, solar panels. That product enabled module buyers to avoid a tariff imposed by former President Donald Trump.

The change is one of a suite of policy moves panel makers have encouraged to foster domestic manufacturing. The vast majority of panels imported into the US today are two-sides models and even are used on rooftops where the attribute offers no benefit. 

The Commerce Department did not immediately respond to request for comment.

©2024 Bloomberg L.P.

By Brian Eckhouse


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