From pv magazine India
Waaree Solar Americas, the US manufacturing subsidiary of Waaree Energies, has signed a share subscription agreement with polysilicon producer United Solar Holdings to purchase about 5.37 million Series B preferred shares for roughly $30 million.
The investment is aimed at securing a long-term supply of fully traceable polysilicon to support Waaree’s expanding solar manufacturing operations in the United States and other global markets.
United Solar Holdings, incorporated in May 2023, produces high-purity polysilicon used in solar cell and module manufacturing. The company operates a polysilicon production facility in Oman and maintains corporate operations in the Cayman Islands and Oman.
United Solar recently began production at its polysilicon plant in the Sohar Freezone in Oman. The facility is designed for about 100,000 metric tons of annual output. Once fully ramped up, the plant is expected to supply enough material to support roughly 40 GW of solar module production each year, according to project partners.
The Oman project has attracted substantial international financing. Earlier this year, United Solar secured more than $900 million in debt funding, including $480 million led by the International Finance Corp. and partner lenders, alongside additional financing from regional banks and investment from Future Fund Oman, an arm of the Oman Investment Authority.
The investment by Waaree underscores the increasing importance of securing upstream materials for solar manufacturing as global module capacity expands and supply chain transparency becomes a priority for developers and policymakers.
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