Overview
- Waaree Solar Americas will purchase 5.37 million Series B preferred shares of United Solar Holding for $30 million, with closing targeted by end‑January 2026 subject to customary conditions.
- The binding term sheet pairs the equity with a long‑term polysilicon offtake from a 100‑ktpa plant in Oman’s Sohar Freezone, which Emkay estimates could support about 40 GW of module output annually.
- Group finance head Abhishek Pareek said the move completes Waaree’s value chain and reduces dependence on single‑source suppliers, adding that the disclosed $30 million outlay is the full amount at present.
- Emkay Global reaffirmed a Buy rating with a Rs 4,260 target, estimated Waaree’s stake at under 5 percent, and said the Oman facility appears near commissioning with ramp‑up to full capacity likely within a year, while offtake volumes could exceed the proportional equity share.
- Waaree recently commissioned 5.1 GW of module capacity in Gujarat and guides overall module capacity to rise from about 22 GW this year to roughly 27 GW next year.