BofA Sanguine on Effects of AD/CVD Circumvention for Southeast Asian Solar
The Commerce Department’s recently announced preliminary findings of circumvention for Southeast Asian solar imports (see 2212020064) were “in line if not slightly positive vs. consensus” with expectations, BofA Global Research said in a report released Dec. 2. Most companies are…
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eligible for antidumping and countervailing duty rates “well below” the high China-wide rate for solar cells, and companies that were found not to be circumventing AD/CVD account for substantial capacity, BofA said. “Hanwha and Jinko retain 2.3 / 7.1GW of module capacity in Malaysia, Boviet retains 1.5GW in Vietnam, and New East holds 900MW capacity in Cambodia. Critically, this in theory provides a very strong bridge on module supply through to 2024 noting Jinko and JA have further build out of wafer in SE Asia which would also be outside the scope. Inclusive of 10GW of capacity from [First Solar], we see several viable options for US supply constraints to ease,” the report said.