Waaree Solar Americas plans to acquire Series B shares in United Solar Holding (USH) for $30 million
USH is building a 100,000-ton polysilicon plant in Oman, enough to support around 40 GW of solar module production
Waaree says the investment aims to strengthen and secure polysilicon supply for its US and global manufacturing expansion
Waaree Solar Americas has announced an investment of around $30 million under a binding term sheet to acquire a stake in United Solar Holding (USH).
A high-purity polysilicon producer, Cayman Islands-based USH was incorporated in May 2023. It is building a 100,000-ton fab in Oman’s Sohar Freezone. This capacity will be enough to manufacture 40 GW of solar modules. Founded by the former CEO of Daqo New Energy, Longgen Zhang, USH’s Oman project is backed by the International Finance Corporation (IFC) and Oman’s sovereign wealth fund Future Fund of Oman, among other investors (see Middle East & Africa Solar PV News Snippets).
Once the acquisition is complete, Waaree Solar Americas will own about 53,68,551 series B shares in USH.
“This strategic investment in United Solar Holding Inc. is a decisive step in strengthening Waaree Groups long-term, secure, and fully traceable polysilicon supply chain to support our rapidly expanding U.S.A. and global manufacturing footprint,” stated Waaree Solar Americas, which is part of India’s Waaree Energies Limited.
The USH acquisition follows Waaree’s acquisition of US module assets of now bankrupt Meyer Burger (see Meyer Burger To Sell US Module Production Equipment To Waaree).
Earlier this year, the US Customs and Border Protection (CBP) launched an investigation into Waaree Solar Americas for allegedly evading US antidumping and countervailing duty (AD/CVD) by mislabeling Chinese-origin crystalline silicon solar PV cells and modules as Made in India (see Waaree On CBP Radar For Possible Evasion Of Duties).