Waaree Energies, through its U.S. subsidiary Waaree Solar Americas, has announced the signing of a binding term sheet to invest $30 million in United Solar Holding Inc., a Cayman Islands-based polysilicon producer. The investment will be made through the subscription of approximately 5.37 million Series B preferred shares, with the transaction expected to close by January 31, 2026, subject to customary closing conditions.
This strategic investment aims to strengthen Waaree’s long-term, secure polysilicon supply chain to support its expanding solar manufacturing operations globally.
The strategic investment includes a long-term polysilicon offtake agreement, aimed at securing a fully traceable, reliable, and diversified polysilicon supply chain to support Waaree’s expanding solar manufacturing operations globally, with particular focus on the U.S.
United Solar, incorporated in May 2023, operates a high-purity polysilicon manufacturing facility in Oman’s Sohar Freezone and maintains corporate offices in the Cayman Islands and Oman. The facility is designed to produce 100,000 metric tons of polysilicon per year, sufficient to support 40 GW of solar module production annually. Backed by the Oman Investment Authority, United Solar is set to become one of the largest and most cost-competitive polysilicon producers globally.
Commenting on the development, Hitesh C. Doshi, Chairman and Managing Director of Waaree Group, said: “This strategic investment in United Solar is a decisive step in strengthening Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support our rapidly expanding USA and global manufacturing footprint. Access to reliable, cost-competitive, and geopolitically diversified upstream materials is critical to delivering certainty to our customers and partners. 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.”
Sam Zhang, Chairman of United Solar Holding Inc., added: “We are proud to have Waaree, one of the largest global solar manufacturers, as one of our investors and customers. This is a testament to United Solar’s unique position as a leader in the polysilicon industry and Waaree’s commitment to supporting reliable polysilicon sources and contributing to a more secure and diversified solar supply chain.”
As part of the agreement, Waaree will receive long-term polysilicon offtake rights, supporting its plans to scale solar module and cell capacities worldwide. United Solar is also advancing a vertically integrated supply chain, which will ultimately include solar cell and wafer facilities to bolster domestic manufacturing, create skilled jobs, and support global renewable energy growth.
The deal positions Waaree to strengthen its global solar manufacturing operations, ensure supply chain security, and support the company’s commitment to sustainable growth and energy transition worldwide.
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