| Concerns about the health of solar power companies are reaching a fever pitch in the world's two biggest economies — and two biggest greenhouse gas emitters. The bankruptcy filing of Sunnova Energy International Inc. on Monday has intensified fears that the US clean energy industry is beginning to buckle under the weight of President Donald Trump's anti-renewables policies, alongside high borrowing costs and tariffs. In China, executives from several of the nation's embattled solar manufacturers gathered in Shanghai for the sector's largest annual conference, seeking answers to a persistently oversupplied market that has triggered billions of dollars in losses over the past year. The bleak mood on both sides of the Pacific stands in contrast to what's been the brightest spot in the energy transition: global solar installations have quadrupled in the past five years, from 150 gigawatts in 2020 to 600 gigawatts last year, according to BloombergNEF data. The industries' current challenges show there are still steep roadblocks ahead.  Photographer: Rebecca Noble/Bloomberg Sunnova's bankruptcy comes at a grim time for rooftop solar in the US House Republicans have advanced a bill to repeal federal tax credits granted under former President Joe Biden's landmark climate law. Losing those incentives — now being debated in the US Senate — would "eliminate at least half of the market for residential solar energy," Roth Capital Partners analyst Phil Shen wrote in a research note. Read More: Solar Bankruptcies Show US Clean Energy Teetering on the Brink It's not just home-solar firms facing headwinds. Since January, businesses have canceled or delayed more than $14 billion in clean energy and electric vehicle investments, according to a recent report — evidence that the Trump administration's support for fossil fuels is eroding renewables' market foothold. In China, the concern isn't direction but speed. The country has installed record volumes of panels and turbines in recent years — enough to reduce coal consumption in the power sector this year. But that surge has led to grid congestion and growing curtailment. New power pricing rules introduced earlier this month aim to address those issues but may significantly slow future installations. That's unwelcome news for the country's panel manufacturing giants, which overbuilt during the boom and have pushed prices down to near break-even levels. Five of the biggest names — JA Solar Technology Co., Jinko Solar Co., Longi Green Energy Technology Co., Tongwei Co. and Trina Solar Co. — reported a combined loss of over 8 billion yuan ($1.1 billion) in the first quarter alone. For executives at the conference in Shanghai, there are no illusions about the struggles ahead. "Overcapacity remains a Sword of Damocles hanging over our heads," said Zhu Gongshan, chairman of GCL Technology Holdings Ltd. "The second half of this year to the first quarter of next year is a crucial window period for the supply-side reform of the photovoltaic industry. We need to work together to push the industry onto a high-quality development path." --With assistance from Dan Murtaugh, Ocean Hou and Mark Chediak | 
