Waaree Solar Americas to Invest About $30 Million in Polysilicon Supplier

Wedoany.com Report-Dec.22, Waaree Energies announced that its United States-based subsidiary, Waaree Solar Americas, has entered into a binding term sheet to invest approximately $30 million in United Solar Holding Inc., a polysilicon producer incorporated in the Cayman Islands.

The investment involves subscribing to about 5.37 million Series B preferred shares, with the transaction anticipated to conclude by January 31, 2026.

This move represents a calculated effort to establish a reliable, fully traceable source of polysilicon, essential for solar cell and module production, to bolster the company's growing manufacturing activities in the United States and international markets.

United Solar Holding Inc., established in May 2023, specializes in high-purity polysilicon and operates a production facility in Oman, with corporate functions in the Cayman Islands and Oman.

The facility in Oman's Sohar Freezone is designed for an annual capacity of 100,000 metric tons, supporting substantial solar module output.

Hitesh C. Doshi, Chairman and Managing Director of Waaree Group, stated: "United Solar's world-class polysilicon facility in Oman represents a credible and resilient alternative that aligns with our commitment to supply chain transparency, energy security, and sustainable growth."

The partnership includes a long-term offtake agreement, ensuring steady material supply for Waaree's operations, particularly in the U.S.

This initiative contributes to diversifying the global solar supply chain and enhancing resilience for manufacturers.