Waaree Energies' US arm signs $30-million deal to acquire United Solar shares

Homegrown Waaree Energies Ltd on Friday (December 19) announced that its wholly-owned subsidiary, Waaree Solar Americas Inc (WSA), has executed a binding term sheet with United Solar Holding Inc (USH), a Cayman Islands-based company.

Under the agreement, WSA will subscribe to approximately 53,68,551 series B preferred shares of USH for a purchase price of $30 million. The transaction is subject to the satisfaction of customary conditions prior to closing and is expected to be completed by January

31, 2026, or such extended date as mutually agreed.

USH is a leading producer of high-purity polysilicon, a critical component for the solar industry, operating one of the world’s most advanced manufacturing facilities in Oman. The company was incorporated in May 2023 and so far has no recorded turnover.

Also Read: Waaree Energies lands 140 MW solar module deal

WSA's subscription to the shares represents a strategic investment in securing a long-term, fully traceable polysilicon supply chain to support Waaree Group’s expanding manufacturing footprint in the US and globally.

The investment is structured as a cash consideration. USH is not a related party of Waaree Energies Ltd, and no promoter, promoter group, or group companies have any interest in USH.

Shares of Waaree Energies Ltd ended at ₹3,057, down by ₹178.50, or 6.20%, on the BSE today, December 19.

Also Read: Waaree Energies shares fall 4% despite US arm securing 288 MW module supply deal