Waaree Energies Ltd has announced a strategic investment plan to subscribe to preferred shares in United Solar Holding Inc, a US-based solar company, aimed at strengthening its polysilicon supply chain operations. The move represents a significant step toward vertical integration in the renewable energy sector.

Investment Structure

Waaree Energies plans to subscribe to 53,68,551 Series B preferred shares of United Solar Holding Inc for a total investment of $30 million. This acquisition is designed to enhance Waaree Energies' polysilicon supply chain capabilities, a critical component in solar panel manufacturing.

Strategic Significance

The investment in United Solar Holding Inc aligns with Waaree Energies' broader strategy to secure its supply chain in the polysilicon segment. Polysilicon serves as a fundamental raw material in the production of solar cells and panels, making supply chain control crucial for solar manufacturers.

Timeline and Execution

The transaction is structured with a completion timeline extending to January 31, 2026, providing time for regulatory approvals and due diligence processes. This extended timeline suggests a comprehensive approach to the subscription process.

The investment represents Waaree Energies' commitment to expanding its operational capabilities in the renewable energy sector through strategic partnerships and share subscriptions in key supply chain segments.

Waaree Energies Limited has issued a regulatory clarification to stock exchanges regarding its 300 MW solar module supply contract with a Sembcorp subsidiary. The clarification comes in response to queries from exchanges following media reports about the company securing a significant module supply order.

Contract Details and Timeline

The company confirmed that it entered into a contract with Green Infra Clean Wind Technology Private Limited (GICWTPL) on October 23, 2025. GICWTPL is identified as a Special Purpose Vehicle (SPV) of Sembcorp Green India Private Limited. The contract involves the supply of 300 MW solar modules to the Sembcorp subsidiary.

Regulatory Compliance Statement

Waaree Energies emphasized that the transaction was undertaken in the normal course of business operations. The company stated that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III Para B of Part A, the transaction does not constitute a material event requiring disclosure to stock exchanges.

The company addressed concerns about share price movements, clarifying that such movements are market-driven. It confirmed that there is no unpublished price-sensitive information pending disclosure to stock exchanges regarding this matter.

Legal and Regulatory Position

In its clarification letter dated December 20, 2025, Waaree Energies stated that no regulatory or legal proceedings are being initiated in relation to the aforementioned contract. The company reaffirmed its commitment to compliance with SEBI regulations.

Exchange Communication

The clarification was submitted to both BSE Limited and National Stock Exchange of India Limited. The company's response was triggered by a news item that appeared on Economic Times Energy portal dated December 18, 2025, and subsequent exchange queries dated December 19, 2025. Waaree Energies assured continued compliance with all applicable SEBI listing regulations and disclosure requirements.

Waaree Energies has provided this regulatory clarification on its 300 MW solar module supply contract with Sembcorp subsidiary, stating that the transaction was undertaken in the normal course of business. The company maintains that the contract does not require specific disclosure under current SEBI regulations and affirms its commitment to regulatory compliance.