One of India's largest solar companies says that the US market is not worth the risk.

Saatvik Green Energy is one of India's largest solar module manufacturers by capacity. It said that it will no longer be pursuing the once promising U.S. market because it is not "worth the risks" due to the complex tariff issue.

According to analysts and industry officials, the United States is India’s largest overseas market. It accounts for 90% of its module exports.

Prashant P. Mathur, CEO of the company, said in a recent press conference that he wanted to focus on the domestic markets and avoid taking any risks. On its draft initial public offering filing, the company stated that a portion (but not how much) of its revenues come from exports to America.

Saatvik Green Energy recently expanded their renewable energy capacity in India, with an eye to exports as well as India's goal of 500 gigawatts in non-fossil power by 2030.

Analysts and industry officials say that U.S. tariffs up to 50% on solar panels shipments from India, and possible anti-dumping duties, will add to the surplus in India as domestic project bids slow down next year.

Saatvik plans to increase its current solar cell production capacity from 3.8 GW to 4.8 GW before April 2027. Separately it plans to add 4GW of solar module production capacity by April 2026.

Mathur stated that the company is experiencing a large domestic demand, as many projects which were delayed because of land, transmission or tariff issues are now being built.

He added that he expects this demand to persist for the next couple of years.

(source: Reuters)