Waaree Energies has received a formal arbitration notice from the International Court of Arbitration of the International Chamber of Commerce (ICC) regarding a request filed by Enel Green Power Development S.R.L. The arbitration stems from alleged breaches of a Share Purchase Agreement dated January 10, 2025, for the acquisition of Enel Green Power India Private Limited.

Arbitration Details and Venue

The ICC arbitration proceedings will be conducted in London, United Kingdom. The dispute centers around the Share Purchase Agreement through which Waaree Energies was to acquire the entire issued and paid-up share capital of Enel Green Power India Private Limited, a wholly-owned subsidiary of the claimant.

Nature of Claims and Allegations

Enel Green Power Development S.R.L. has alleged breaches of the Share Purchase Agreement by Waaree Energies and is claiming damages and loss of profits purportedly caused by these alleged breaches. The arbitration notice contains monetary claims against the company, though specific quantum details have not been disclosed.

Company's Response Strategy

Waaree Energies has disputed the allegations and intends to contest the claims vigorously in the arbitration proceedings. The company is evaluating the claims in consultation with its legal advisors and plans to file an appropriate response and counter-claim before the arbitral tribunal. The company has indicated it will invoke all contractual and legal remedies available to it.

Financial Impact Assessment

At this preliminary stage of the proceedings, the financial impact on Waaree Energies arising from the arbitration is not presently ascertainable and will depend upon the final outcome of the arbitration and any related proceedings. The merits of both parties' respective positions will be adjudicated through the pending ICC arbitration process.

Waaree Energies Limited has successfully completed a major acquisition in the American solar market through its wholly owned US subsidiary. The company announced on March 16, 2026, that the previously disclosed investment transaction has reached completion, marking a significant milestone in its international expansion strategy.

Transaction Completion

Waaree Solar Americas Inc. (WSA), the company's wholly owned subsidiary, has completed the acquisition of 53,68,551 series B preferred shares of United Solar Holding Inc. The transaction, valued at approximately USD $30 million, represents the successful closure of the Share Subscription Agreement that was initially announced in December 2025.

Regulatory Disclosure

The completion was communicated to stock exchanges under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015. Waaree Energies received intimation about the acquisition completion at 17:31 p.m. (IST) on March 16, 2026, demonstrating prompt communication protocols between the subsidiary and parent company.

Corporate Compliance

The transaction maintains full compliance with regulatory requirements and corporate governance standards. Key compliance aspects include:

• Timely notification to BSE Limited (Scrip Code: 544277) and National Stock Exchange of India Limited (Trading Symbol: WAAREENER)
• Reference to previous disclosure dated December 19, 2025
• Confirmation that this is not a related party transaction
• Information made available on the company website at www.waaree.com

Strategic Significance

This completed acquisition represents a successful execution of Waaree Energies' international expansion strategy in the crucial American solar market. The transaction progression from initial agreement to successful completion demonstrates the company's commitment to growing its presence in the US renewable energy sector through strategic investments and partnerships.

The completion of this USD $30 million investment positions Waaree Energies for enhanced participation in the American solar industry through its dedicated US subsidiary operations.