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.

Waaree Energies Limited has marked a significant milestone in India's renewable energy sector with the announcement of its groundbreaking ceremony for the country's largest integrated solar ingot and wafer manufacturing facility. The project represents a major step toward strengthening India's upstream solar manufacturing ecosystem and building domestic supply chain resilience.

Project Specifications and Investment

The facility will be established at Butibori, Nagpur, with substantial scale and investment commitment:

The facility will focus on producing high-purity solar ingots and wafers, which form the critical foundation of the solar photovoltaic value chain. This development aims to significantly reduce India's reliance on imported materials and enhance supply chain stability for the nation's rapidly expanding solar sector.

Strategic Impact and Government Support

The announcement was marked by a ceremonial event attended by senior government leaders and industry stakeholders, including Shri Devendra Fadnavis, Chief Minister of Maharashtra. The project aligns with India's vision of Atmanirbhar Bharat and supports the country's long-term goal of achieving energy security through self-reliant clean energy manufacturing.

According to Hitesh Doshi, Chairman and Managing Director of Waaree Energies Limited, the facility represents an important step in strengthening India's upstream solar manufacturing ecosystem. He emphasized that Nagpur's strategic location, strong industrial ecosystem, and connectivity across India make it an ideal destination for a project of this scale.

Company Background and Manufacturing Capacity

Founded in 1990, Waaree Energies Limited operates as one of India's leading renewable energy companies. The company maintains advanced manufacturing facilities with:

The company offers a comprehensive portfolio spanning solar PV manufacturing, EPC services, green hydrogen solutions, battery energy storage systems, green energy infrastructure, and data centres.

Economic and Employment Benefits

Once operational, the facility is expected to contribute significantly to regional economic development through generation of over 8,000 direct and indirect employment opportunities, skill creation and development programs, industrial growth acceleration in Maharashtra, and enhanced local manufacturing capabilities. The project supports India's progression toward the vision of Viksit Bharat 2047 by building globally competitive clean energy manufacturing infrastructure and establishing the country as a global hub for renewable energy technologies.