PVTIME – Waaree Solar Americas, a subsidiary of India’s leading photovoltaic company, Waaree Energies, has announced a strategic investment of 30 million US dollars in the polysilicon manufacturer, United Solar Holding. This investment will be made through the acquisition of approximately 5.3686 million Series B shares, strengthening cooperation within the upstream raw materials sector. Both parties have signed a binding term sheet, and the transaction is expected to be completed in early 2026.
Alongside the equity deal, a long-term polysilicon supply agreement has been signed to establish a stable and fully traceable supply chain for Waaree. As a core raw material in the photovoltaic industry, a stable polysilicon supply will be crucial for supporting the expansion of Waaree’s solar manufacturing operations in the United States and other global markets. Industry insiders widely believe that this move will effectively reduce supply chain volatility risks and significantly enhance the company’s resilience within the global new energy supply chain.
United Solar Holding, the investee, recently secured $200 million in financing, which is expected to help overcome funding difficulties for its largest polysilicon project in the Middle East. The company’s 100,000-tonne high-purity polysilicon plant, which is under construction in the Sohar Free Trade Zone in northern Oman, is scheduled to start production by the end of 2025. At full capacity, the plant will meet the raw material demand for 40GW of solar module production, providing strong support for Waaree’s future raw material supply.
This investment closely aligns with Waaree’s strategic focus on expanding in the North American market. As the United States accelerates the development of its domestic new energy manufacturing system, Waaree has increased its investments in the US in recent years, including the construction of a module manufacturing facility in Brookshire, Texas. The company plans to increase the plant’s capacity from 1.6GW to 3.2GW, with the aim of achieving 5GW of production capacity in the US market by 2027. Securing a supply of polysilicon upstream will further ensure that Waaree’s domestic module and cell production capacity expansion in the US is met, while enhancing the competitiveness of its products in terms of compliance and traceability, to meet the requirements of US policies such as the Investment Tax Credit.
Analysts note that Waaree’s investment is not just an equity transaction; it is also a key initiative to improve its global photovoltaic industry chain layout, responding to changes in international market policies and trade environments. During the current period of in-depth adjustment in the global polysilicon industry, extending upstream to consolidate supply chain foundations has become an industry trend among leading photovoltaic enterprises. This strategy will establish a solid foundation for Waaree’s long-term growth.
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