CMP: €3,095.25
Waaree Energies announced the acquisition of 5.37 million Series B preferred shares of United Solar Holding Inc (USH) for $30 million, which would give it a stake in USH’s large advanced 100 ktpa polysilicon plant in Oman, along with likely customer status, integrating it upstream into the PV value chain. Although the percentage of shares is not disclosed, the ownership percentage should be less than 5 percent, based on publicly available information and an estimated project cost of $1.6 billion.
The plant has the capacity to produce 40 GWpa of modules, which is likely to meet a significant portion of the 10 GW Nagpur wafer ingot requirement.
Being one of the largest non-Chinese factories in the world and located in the Sohar Freezone (free trade agreement with US, India, etc.), its cost curve (although higher than that of Chinese Tier 1 players) could be much lower compared to other parts of the world, while also meeting US and EU traceability requirements. Waaree has stated that this is a strategic investment to support the rapidly growing U.S. and global footprint.
The plant may be close to being commissioned and full capacity could be reached within a year. We are waiting for more details from management, but we view this positively. Waaree also commissioned 5.1 GW of module capacity in Gujarat in Q3 26. We maintain our estimates and reiterate BUY with a target price of ₹4,260.
Published on December 23, 2025
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