Waaree Energies Limited has disclosed a significant investment by its US subsidiary in the American solar market through a strategic share subscription agreement worth approximately $30 million. The company informed stock exchanges on March 10, 2026, about this major corporate development involving its wholly owned subsidiary.

Investment Details

The transaction involves Waaree Solar Americas Inc. (WSA), a wholly owned subsidiary of Waaree Energies Limited, entering into a Share Subscription Agreement with United Solar Holdings Inc. (USH). The agreement encompasses the subscription of approximately 53,68,551 series B preferred shares of the US-based solar company.

Transaction Structure

The Share Subscription Agreement represents a strategic investment in the American solar sector, with the transaction subject to certain conditions precedent to closing. The company has clarified that this is not a related party transaction, ensuring transparency in corporate governance.

Regulatory Compliance

Waaree Energies has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement follows a previous disclosure dated December 19, 2025, indicating ongoing developments in this investment process.

Key compliance aspects include:

• Timely notification to BSE Limited and National Stock Exchange of India Limited
• Confirmation of no promoter or group company interest in the transaction
• Adherence to prescribed regulatory framework for material events

Corporate Governance

The company has emphasized that none of its promoter, promoter group, or other group companies have any interest in this transaction. This declaration ensures compliance with related party transaction norms and maintains transparency in corporate dealings. The intimation about the agreement was received by Waaree Energies on March 10, 2026, at 04:44 p.m. (IST), demonstrating prompt communication between the subsidiary and parent company.

This investment marks a significant step in Waaree Energies' international expansion strategy, particularly in the crucial American solar market through its dedicated US subsidiary.

Waaree Energies has conducted a comprehensive analyst and institutional investor conference call on February 25, 2026, to address the impact of US countervailing duties on Indian solar imports, reaffirming its strategic position and operational resilience through diversified supply chains.

Conference Call and Regulatory Filing

The company filed a transcript of the conference call with BSE Limited and National Stock Exchange of India Limited on February 27, 2026, pursuant to Regulation 30 of SEBI regulations. The call was moderated by MUFG Intime India Private Limited and featured key management including Whole-time Director and CEO Amit Paithankar, CFO Sonal Shrivastava, and Group Head Finance Abhishek Pareek.

Management Position on US Countervailing Duties

CEO Amit Paithankar confirmed that the US Department of Commerce's preliminary countervailing duty of 126% on certain solar imports from India does not materially impact the company's operations. The company has successfully continued ramping up US shipments despite earlier 50% duties through its diversified supply chain and investments in Oman for fully traceable, non-Chinese polysilicon.

US Manufacturing Capacity and Expansion

The company maintains approximately 2.60 GW of current US module manufacturing capacity and plans to expand to approximately 4.20 GW by mid-2026. This includes the recently acquired Meyer Burger facility and new capacity under construction in Texas.

Supply Chain Strategy and Tariff Structure

CFO Sonal Shrivastava explained that tariffs apply based on the jurisdiction where solar cells are produced, not where modules are assembled. The company sources cells from jurisdictions with approximately 10% tariff rates, avoiding the 126% duty applicable to India-made cells. The company has maintained non-Chinese sourcing for US supplies since 2019.

Order Book and Market Outlook

Group Head Finance Abhishek Pareek highlighted strong order book growth from approximately ₹40,000 crores at the beginning of the financial year to ₹60,000 crores as of the last earnings call. The company expects US solar demand to reach 70-80 GW annually, driven by data center expansion and AI infrastructure requirements.

The management emphasized that the company's diversified revenue streams, including retail distribution, overseas manufacturing, and EPC services, provide resilience against market volatility while maintaining premium pricing across key segments.