Waaree Solar Americas Inc. to invest $30 million in United Solar Holding Inc. to secure long-term supply chain and to strengthen Waaree’s growth and integration plans

Houston, Texas, USA - December 19th, 2025 – Waaree Solar Americas Inc. (“Waaree”) today announced signing a binding term sheet to invest $30 million in United Solar Holding Inc. (“United Solar”) through Series B preferred shares, alongside a long-term polysilicon offtake agreement to support Waaree’s global solar manufacturing operations, and in particular U.S. operations. The transaction is expected to close on or about January 31, 2026, subject to the satisfaction of customary closing conditions.

Waaree’s investment will support completion of United Solar’s advanced manufacturing facility in Oman’s Sohar Freezone, which is designed to produce 100,000 metric tons of polysilicon per year, enough to support 40GW of solar module production per year. United Solar backed by its largest shareholder, the Oman Investment Authority (“OIA”), is expected to build one of the largest and most cost competitive solar polysilicon manufacturing facilities globally.

United Solar's operations represent a crucial step to diversify the global solar supply chain. Today, more than 90 percent of the world’s polysilicon is produced in one country, creating significant supply chain vulnerability for manufacturers and energy providers worldwide. United Solar’s independent operations in Oman provide a large-scale, reliable alternative that strengthens supply chain resilience for the U.S. and allied markets.

Hitesh C. Doshi, Chairman and Managing Director of Waaree Group said “This strategic investment in United Solar is a decisive step in strengthening Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support our rapidly expanding U.S.A. and global manufacturing footprint. As Waaree scales its solar module and cell capacities worldwide, access to reliable, cost-competitive, and geopolitically diversified upstream materials is critical to delivering certainty to our customers and partners. United Solar’s world-class polysilicon facility in Oman represents a credible and resilient alternative that aligns with our commitment to supply chain transparency, energy security, and sustainable growth. This partnership also reflects the deepening economic collaboration between India and Oman, and our shared ambition to build a more balanced and resilient global solar ecosystem”

Sam Zhang, Chairman, United Solar Holding Inc. said “We are proud to have Waaree, one of the largest global solar manufacturers, as one of our investors and customers. This is a testament to United Solar’s unique position as a leader in the polysilicon industry and Waaree’s commitment to supporting reliable polysilicon sources and contributing to a more secure and diversified solar supply chain."

As part of its growth strategy, United Solar is advancing plans to create a vertically-integrated supply chain that will ultimately include solar cell and wafer facilities to support domestic manufacturing, economic growth and skilled job creation. With this investment, Waaree will receive long-term polysilicon offtake rights from United Solar.

The strategic partnership is expected to support Waaree’s continued expansion as a global leader in solar module manufacturing, including its ability to serve customers globally that are seeking secure, transparent, and cost-competitive solar supply chains. United Solar and Waaree intend to explore additional opportunities to collaborate across the solar value chain over time.

The transaction underscores the growing importance of cross-border partnerships between India and Oman to build resilient, sources of critical solar materials. By combining United Solar’s polysilicon production capabilities with Waaree’s downstream module manufacturing expertise, the parties aim to help accelerate deployment of clean energy while enhancing energy security for key global markets.

United Solar’s operations support economic growth and workforce development in Oman. The company has created more than 240 skilled jobs for Omani nationals to date and provides ongoing training and development programs. United Solar’s factory will also contribute to the development of a broader manufacturing ecosystem in Oman, including a future blueprint for silicon metal mining, solar cell development and a 700 MW solar farm.