By ALIFAH ZAINUDDIN / TMR File pix

THE 30% tariff slapped on all imported solar panels by Washington will create a buyer’s market and benefit renewable energy (RE) producers, said Cypark Resources Bhd CEO Datuk Daud Ahmad.

Ahmad said the tariff hike is a boon for energy producers as the policy will create short-term oversupplies of solar panels in the market.

“We are in a buyer’s position. The solar panel market is expected to adjust downwards as there will be a glut in solar panel production in the short term.

“Industry reports show that a lot of projects in the US will be postponed due to this tariff announcement. Planned shipments to the US have been cancelled and this will create a buyer’s market,” Daud told reporters after the company’s AGM in Petaling Jaya earlier.

On the company’s prospect after the general election, Daud said Cypark’s ongoing government-linked projects will not be affected as its power purchasing agreements are signed with Tenaga Nasional Bhd (TNB).

“Our client is TNB, which is a listed company, and they have a AAA rating. Therefore, we are not worried,” he said.