Waaree Solar Americas to Invest USD 30 Million in USH

Waaree Solar Americas, the US subsidiary of Waaree Energies, has signed a binding term sheet to invest around USD 30 million in United Solar Holding Inc. (USH) by subscribing to Series B preferred shares, as it deepens efforts to secure a long-term polysilicon supply chain for its global manufacturing expansion. 

The transaction is expected to close by January 31, 2026, and aligns with Waaree’s fast-growing US module manufacturing base and recent utility-scale order wins.​

$30 Million Strategic Investment in USH

Waaree Solar Americas will invest about USD 30 million in USH through the subscription of roughly 5.37 million Series B preferred shares, as outlined in the binding term sheet between the parties. The proposed transaction is targeted for completion by January 31, 2026, subject to customary closing conditions.​

The investment is positioned as a strategic move to build a secure, fully traceable polysilicon supply chain to support Waaree’s expanding manufacturing footprint in the US and other global markets.

Alongside the equity subscription, the structure is aimed at underpinning long-term polysilicon offtake for Waaree’s module lines.​

United Solar’s Polysilicon Operations

United Solar Holding Inc., incorporated in May 2023 in the Cayman Islands, has corporate presence in the Cayman Islands and Oman.​

USH operates an advanced polysilicon manufacturing facility in Oman that is being positioned as an alternative supply source to the currently concentrated global polysilicon market. The Oman plant is designed to deliver high‑purity polysilicon volumes sufficient to support multi‑gigawatt solar module production annually once fully ramped up.​

Strengthening Waaree’s US Supply Chain

The USH investment is intended to secure a long‑term, traceable polysilicon pipeline for Waaree Solar Americas as the company scales its US manufacturing operations. 

This is expected to improve supply visibility for Waaree’s US customers amid higher module pricing in the American market, where module prices typically range around 28–30 cents per watt, notably above Indian levels.​

Waaree Solar Americas recently won a 288 MW solar module supply order from Sabanci Renewables, a utility‑scale renewable project developer and energy storage project owner‑operator in the United States. The modules for this order will serve large projects in the US market.

Expanding Global Manufacturing Footprint

Following the acquisition of Meyer assets earlier, Waaree’s US solar module manufacturing capacity has reached about 2.6 GW, reinforcing its presence in the North American market. Including its India operations, Waaree’s total module capacity stands at around 18.7 GW.

In November, Waaree Energies achieved a record monthly solar module output of over 1 GW, becoming one of the first Indian manufacturers to cross this threshold in a single month.