U.S. Solar Stocks Gain On Favorable WTO Ruling

U.S.-based solar stocks surged on Wednesday after the United States won a key ruling against India at the World Trade Organization.

According to Reuters, the US challenged the rules of the origin of solar cells and solar modules that are being used in the country's national solar power program. The complaint dates back to 2013 and focused on India's solar program that discriminated against imports.

U.S. solar exports to India plunged by 90 percent since 2011 when India introduced the new requirements. India and the US attempted to reach a settlement but failed to do so and culminated in the World Trade Organization's ruling on Wednesday.

Reuters further noted that the U.S. Trade Representatives' office said in a statement that the decision represents a significant victory and will create clean-energy jobs in the US.

Shares of First Solar, Inc. FSLR surged higher by more than 12 percent by Wednesday afternoon and traded above the $70 per share mark for the first time since early January. Shares of SunPower Corporation SPWR gained nearly 8 percent, while SolarCity Corp SCTY gained nearly 5 percent.