New Commerce memo suggests acceleration of solar panel probe - report

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Solar-related stocks (NYSEARCA:TAN) rallied broadly in Wednesday's trading, as the U.S. Department of Commerce may be accelerating its investigation of solar imports from Asia and is providing a new measure of clarity to a group of manufacturers, the Washington Examiner reports.

Among potentially relevant stocks: (MAXN) +13.1%, (ARRY) +12.2%, (JKS) +11%, (ENPH) +9.9%, (SHLS) +8.8%, (SOL) +8.7%, (SEDG) +8.3%, (SPWR) +7.7%, (RUN) +6.1%, (NOVA) +6%, (CSIQ) +5.5%, (FSLR) +4.7%.

Among utility-scale solar developers: (BEP) +4.9%, (CWEN) +4.8%, (AY) +4.8%, (NEE) +3.2%.

The DoC circulated a memo this week soliciting additional comment from interested parties and specifying that "[silicon] wafers produced outside of China with polysilicon sourced from China are not subject to these circumvention inquiries," according to the report.

"Commerce is accelerating in the sense that they're asking questions from a timeline perspective that normally come much later," an industry source told the Examiner, adding the memo will be seen as a win for the companies that manufacture their wafers outside of China but not necessarily by others.

The CEO of the American Clean Power Association said the filings "clearly refute the strained assertion that solar panels coming from Cambodia, Malaysia, Thailand and Vietnam" are circumventing duties on Chinese imports.

The Biden administration is under pressure from the solar industry and some congressional Democrats to quickly resolve the inquiry.