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Waaree Solar Americas to Invest USD 30 Million in United Solar Holding

Waaree’s investment will support completion of United Solar’s advanced manufacturing facility in Oman’s Sohar Freezone, which is designed to produce 100,000 metric tons of polysilicon per year, enough to support 40GW of solar module production per year.

December 20, 2025. By Abha Rustagi

Waaree Solar Americas has signed a binding term sheet to invest USD 30 million in United Solar Holding through Series B preferred shares, alongside a long-term polysilicon offtake agreement to support Waaree’s global solar manufacturing operations, and in particular, US operations. The transaction is expected to close on or about January 31, 2026, subject to the satisfaction of customary closing conditions.

Waaree’s investment will support completion of United Solar’s advanced manufacturing facility in Oman’s Sohar Freezone, which is designed to produce 100,000 metric tons of polysilicon per year, enough to support 40GW of solar module production per year. United Solar, backed by its largest shareholder, the Oman Investment Authority, is expected to build one of the largest and most cost-competitive solar polysilicon manufacturing facilities globally.

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. As Waaree scales its solar module and cell capacities worldwide, 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, 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 its growth strategy, United Solar is advancing plans to create a vertically-integrated supply chain that will ultimately include solar cell and wafer facilities to support domestic manufacturing, economic growth and skilled job creation. With this investment, Waaree will receive long-term polysilicon offtake rights from United Solar.

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