Waaree Energies Limited announced that its wholly owned subsidiary, Waaree Solar Americas Inc. (WSA), has executed a Binding Term Sheet with United Solar Holding Inc. (USH), a Cayman Islands-based company. Under this agreement, WSA will subscribe to approximately 53,68,551 series B preferred shares of USH for a purchase price of approximately USD $30,000,000. This strategic investment is aimed at strengthening Waaree Group's long-term, secure, and fully traceable polysilicon supply chain, which is crucial for supporting the company's rapidly expanding U.S.A. and global manufacturing footprint. United Solar Holding Inc. is a leading producer of high-purity polysilicon, operating an advanced manufacturing facility in Oman. The company was incorporated in May 2023 and has had no turnover in the last three years. The transaction is subject to customary closing conditions. The consideration is in cash, and the acquisition does not involve any related parties. No governmental or regulatory approvals are required. The indicative time period for the completion of the acquisition is January 31, 2026, or a mutually agreed extended date.
