Waaree’s $30 Million Oman Bet Completes Its Solar Value Chain, Says Group Finance Head

The $30 million investment in United Solar Holding Inc. through Waaree’s US arm will help diversify sourcing and reduce dependency risks, said Abhishek Pareek, Group Head, Finance at Waaree.

“As we look forward to the India-Oman relationship going towards the next level, this investment in the geography of Oman really helps us to de-risk our supply chain as well as support manufacturing plants in India and the U.S.,” Pareek said.

He also added that, this investment, actually completes the entire value chain of Waaree Group. "Waaree is into manufacturing of solar panels, we are largest in the country with around 22 gigawatts worth of capacity…so the only missing piece in the entire value chain for us was polysilicon, with this investment it actually completes the entire value chain of Waaree group."

He clarified that the disclosed investment amount is final for now,
“The disclosure that we have made right now for $30 million is complete. Right now there is no open or undisclosed investment. Any further investment or disclosure, if required, shall be made independently.”

On the Oman facility, Pareek stressed that the goal is portfolio diversification, “The idea is not only to become single-source dependent as far as supply chain is concerned, but to have a portfolio diversification. Waaree’s technology is around 22 gigawatts this year and next year should be around 27 gigawatts in terms of our overall module capacity.”

Last week, Waaree Energies signed an agreement to invest $30 million (about Rs 25 crore) in United Solar Holding Inc. The company said it signed the agreement through its US-based arm Waaree Solar Americas Inc.

Waaree Solar Americas Inc signed a binding term sheet to invest this amount in 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, the US operations.