The investment supports diversification of the global solar supply chain and backs a large-scale polysilicon manufacturing facility in Oman

Waaree Solar Americas Inc. has signed a binding term sheet to invest USDB 30 million in United Solar Holding Inc. through Series B preferred shares, alongside a long-term polysilicon offtake agreement aimed at securing upstream supply for its global solar manufacturing operations, including in the United States.

The transaction, announced on 19 December 2025, is expected to close on or around 31 January 2026, subject to customary closing conditions.

The investment will support the completion of United Solar’s manufacturing facility in the Sohar Freezone in Oman. The facility is designed to produce 100,000 metric tonnes of polysilicon annually, sufficient to support around 40 gigawatts of solar module production per year. United Solar is backed by the Oman Investment Authority, its largest shareholder.

United Solar’s project is positioned as an effort to diversify the global polysilicon supply chain. At present, more than 90 per cent of global polysilicon production is concentrated in a single country, creating supply risks for solar manufacturers and energy markets. The Oman-based facility is intended to provide an alternative source for the United States and other allied markets.

Waaree said the investment aligns with its strategy to secure long-term access to cost-competitive and traceable polysilicon as it scales solar cell and module manufacturing globally. As part of the transaction, Waaree will receive long-term polysilicon offtake rights from United Solar.

United Solar is also advancing plans to develop a vertically integrated supply chain that may include solar wafer and cell manufacturing facilities in the future, supporting domestic manufacturing and employment. The company said its operations have generated more than 240 skilled jobs for Omani nationals to date and include ongoing training programmes.

The partnership reflects growing cross-border collaboration between India and Oman in the clean energy sector, as companies seek to strengthen supply chain resilience while supporting the expansion of solar manufacturing capacity worldwide.