Waaree Energies’ subsidiary, Waaree Solar Americas, will buy 53,68,551 Series B shares of polysilicon manufacturer United Solar Holding for $30 million.

The proposed investment, for which the two companies signed a binding term sheet, will help strengthen Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support its expanding U.S. and global manufacturing footprint.

United Solar, a Cayman Islands-based company, produces high-purity polysilicon, a vital component for the solar industry, and operates an advanced manufacturing facility in Oman.

The acquisition of shares by Waaree will be completed by January 31, 2026, or at any later date mutually agreed upon by the two companies.

In September, a U.S. court approved the sale of Meyer Burger’s machinery and equipment for the production of solar modules to Waaree Solar Americas.

Earlier this year, Waaree Solar Americas announced that its solar manufacturing facility in Brookshire, Texas, was being expanded from 1.6 GW to 3.2 GW.

The company has won several module orders from U.S. clients this year. It recently won an order for the supply of 288 MW of solar modules from Sabancı Renewables, a developer and owner-operator of utility-scale renewable energy projects in Texas. This contract will be the first deployment of Waaree’s 620 Wp bifacial solar modules.

In June this year, Waaree secured an order for the supply of 540 MW of solar modules from a developer of utility-scale solar and energy storage projects. In the same month, it bagged another contract to supply 599 MW of solar modules.

In September, Waaree Solar Americas informed stock exchanges in India that it would cooperate with U.S. authorities, who have launched an investigation into alleged duty evasion on imports into the country.

U.S. Customs and Border Protection had initiated a probe into alleged tariff evasion by Waaree Solar Americas involving Chinese-made solar cells and modules, which were labeled as made in India. It said that there was reasonable suspicion that Waaree had failed to label some of the components as subject to antidumping and countervailing duties that the country has been imposing on solar cells and modules made in China.