Solar Stocks Surge as US Announces Steep Tariffs on Southeast Asian Panel Imports

Key Points
– US plans tariffs up to 3,521% on solar panel imports from four Southeast Asian nations.
– Domestic solar stocks surged, led by First Solar and Sunnova Energy.
– The move could revive US-based solar manufacturing and reshape the industry.

Solar stocks rallied Tuesday after the US Department of Commerce unveiled plans to impose massive tariffs — as high as 3,521% — on solar panel imports from four Southeast Asian countries. The move sent shares of domestic solar manufacturers sharply higher as investors bet on a wave of renewed demand for American-made panels.

First Solar (FSLR) led the charge, soaring more than 9%, while Sunnova Energy (NOVA) jumped over 12%. Other solar-related names like SolarEdge Technologies (SEDG), Array Technologies (ARRY), and Enphase Energy (ENPH) also posted notable gains. The Invesco Solar ETF (TAN), a barometer for the sector, rose nearly 5% on the day, signaling a broad-based rally.

The proposed duties follow a yearlong investigation into claims that Chinese solar manufacturers were using proxy operations in Southeast Asia to circumvent earlier trade restrictions. The Commerce Department concluded that imports from Cambodia, Malaysia, Thailand, and Vietnam were being “dumped” into the US market — sold at artificially low prices — with the backing of Chinese state subsidies. Companies in Cambodia that failed to cooperate with the probe face the stiffest penalties.

If approved by the International Trade Commission (ITC), the tariffs could reshape the competitive landscape for solar panel manufacturing, providing a significant tailwind for US-based producers. The ITC has until June 2 to determine whether the subsidized imports harmed the domestic solar industry — a key requirement before the Commerce Department can implement the levies.

The decision is a major victory for the American Alliance for Solar Manufacturing, a coalition of US-based producers that pushed for the trade probe. The group has long argued that Chinese-headquartered firms have gamed the system by establishing operations in neighboring countries while continuing to benefit from Chinese subsidies. Advocates say the resulting price suppression has undermined domestic companies and led to job losses across the sector.

For US manufacturers, the announcement caps years of efforts to shift production closer to home — a trend first accelerated by the Biden administration’s Inflation Reduction Act, which offered tax incentives for domestic clean energy development. Companies like Enphase and First Solar have been actively reshoring production. First Solar, for example, opened a new facility in Alabama last year and now boasts a sizable manufacturing footprint in Ohio and Louisiana.

Despite Tuesday’s rally, solar stocks have struggled in 2025. Rising interest rates have increased financing costs for consumers, putting downward pressure on demand. The sector was also rattled by political headwinds following President Trump’s return to the White House and his vocal support for traditional energy. The tariffs, however, may signal a shift — a more nuanced approach to energy independence that could favor domestic solar even under a fossil fuel-friendly administration.

While the solar ETF TAN remains down more than 13% year to date and 27% lower over the past 12 months, the tariff announcement could serve as a turning point. Investors appear to be recalibrating their expectations for the space, betting that the tariff protections will help stabilize margins and renew growth.

If finalized, the tariffs could usher in a new chapter for American solar, one where domestic innovation and manufacturing play a central role in the industry’s expansion.

TPG to Acquire Altus Power in $2.2 Billion Deal

Key Points:
– TPG Rise Climate will acquire Altus Power for $5.00 per share in a $2.2 billion deal, taking the company private to accelerate clean energy expansion.
– Altus Power’s Board of Directors unanimously approved the transaction, which represents a 66% premium to its October 2024 stock price and is expected to close in Q2 2025.
– This acquisition aligns with TPG Rise Climate’s strategy to scale climate solutions, leveraging its expertise in clean energy infrastructure to support Altus Power’s growth.

Altus Power, the largest owner of commercial-scale solar in the U.S., has announced that it has entered into a definitive agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy. Under the terms of the agreement, TPG will acquire Altus at $5.00 per share, valuing the company at approximately $2.2 billion, including outstanding debt. Upon completion of the transaction, Altus Power will become a privately held company.

Strategic Rationale and Market Impact

On October 15, 2024, Altus Power initiated a formal review of strategic alternatives. Today’s purchase price represents a 66% premium to Altus’ closing price on that date. The company expects this acquisition to bolster its ability to provide greater value to both commercial and Community Solar customers while expanding access to clean electric power.

“This transaction represents a pivotal moment for Altus Power,” said Gregg Felton, CEO of Altus Power. “We are incredibly excited to partner with TPG Rise Climate to continue to build our position as the leading commercial-scale provider of clean electric power to businesses and households from coast to coast. TPG Rise Climate’s deep expertise in the clean energy sector, investment-oriented mindset, and value-driven approach to infrastructure development align perfectly with our vision. This partnership strengthens our ability to serve both our Community Solar and commercial clients with clean electric power at a time when demand for power is expected to grow substantially. As a private company, Altus Power will be better positioned for continued long-term growth, which we believe will allow us to scale our operations, drive innovation, and enhance the value we deliver to our customers. Together with TPG Rise Climate, we believe we are poised to accelerate clean energy adoption and ensure more businesses and communities have access to the power they need for a sustainable future.”

Transaction Details

  • The Board of Directors of Altus has unanimously approved the transaction and recommends that Altus stockholders vote to adopt the merger agreement.
  • The deal is contingent upon majority approval by Class A stockholders.
  • The transaction is expected to close in Q2 2025.

About TPG Rise Climate

TPG Rise Climate is the dedicated climate investing platform of TPG, a leading global alternative asset management firm. With dedicated pools of capital across private equity, transition infrastructure, and the Global South, TPG Rise Climate focuses on climate-related investments that benefit from the expertise of TPG’s investment professionals and its global network of executives, advisors, and corporate partners. As part of TPG’s $25 billion global impact investing platform, TPG Rise Climate invests broadly in the climate sector, emphasizing clean electrons, clean molecules and materials, and negative emissions.

About Altus Power

Altus Power is a leader in commercial-scale solar energy, providing clean, renewable energy solutions for businesses and communities across the U.S. The company is currently traded on the New York Stock Exchange under the ticker symbol AMPS.

Jimmy Carter’s Energy Legacy: A Lasting Impact on Solar, Fracking, and Conservation

Key Points:
– Jimmy Carter’s presidency spurred advancements in solar energy and laid groundwork for fracking.
– His energy policies balanced environmentalism with fossil fuel development.
– Conservation efforts during his term highlighted the importance of efficiency in energy consumption.

Jimmy Carter’s presidency left an indelible mark on the U.S. energy landscape, bridging the divide between renewable energy innovation and fossil fuel expansion. While widely celebrated for his environmental foresight, Carter’s policies also propelled the development of oil and natural gas sectors. His multifaceted energy strategy continues to shape America’s approach to energy production and conservation.

Carter’s commitment to renewable energy emerged early in his presidency. Declaring the energy crisis the “moral equivalent of war,” he initiated policies to promote clean energy. Notable milestones included the installation of solar panels on the White House in 1979 and the passage of the National Energy Act of 1978 and the Energy Security Act of 1980. These laws incentivized solar energy, wind power, and non-fossil fuel usage, while establishing the Department of Energy as a key player in energy innovation.

His genuine environmentalism, rooted in his experience as a farmer, extended beyond renewable energy. Carter’s conservation efforts protected over 150 million acres of Alaskan wilderness while also encouraging efficiency in energy consumption nationwide. These actions, coupled with his appointment of climate advocates to federal agencies, underscored his commitment to sustainability.

Despite his green reputation, Carter’s policies also favored fossil fuel development. In response to the twin oil crises of the 1970s, he adopted an “all of the above” energy strategy. This included deregulating natural gas prices, a move that later catalyzed the fracking boom. His administration’s support for increased coal production and crude oil drilling reflected the urgency of reducing America’s dependence on foreign oil, cutting imports by half between 1979 and 1983.

Carter’s nuanced approach also extended to Alaska. While protecting vast swaths of land, he signed legislation permitting limited drilling in the Arctic National Wildlife Refuge, igniting a decades-long debate over resource extraction in the region.

Carter’s emphasis on conservation set him apart from other leaders. His televised appeal to Americans to lower thermostats and adopt energy-saving measures became iconic, symbolized by his signature cardigan sweater. However, these calls for personal sacrifice faced ridicule and dwindled after his term. Conservation—a cornerstone of his energy policy—was reframed as “efficiency” in subsequent administrations, diminishing its prominence in national discourse.

Despite these challenges, Carter’s conservation initiatives yielded measurable success. The reduction in oil imports during his tenure was driven by widespread adoption of energy-saving practices, a testament to the effectiveness of his vision.

Jimmy Carter’s farewell address in 1981 acknowledged the enduring energy challenges facing the nation. His prediction of continued competition for scarce resources remains relevant today. Carter’s energy policies, balancing environmental stewardship with practical fossil fuel use, provide a blueprint for addressing modern energy needs while fostering innovation and sustainability.