Waaree Energies Invests $30M to Boost US Solar Presence

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AuthorVihaan Mehta|Published at:
Waaree Energies Invests $30M to Boost US Solar Presence
Overview

Waaree Energies' subsidiary, Waaree Solar Americas, has committed $30 million for Series B shares in United Solar Holdings. This strategic investment expands Waaree's international presence. The company also recently secured a 500 MW order for FY27 and posted robust Q3 financials, with net profit up 26% and revenue up 24.7% sequentially.

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Waaree Energies' wholly-owned subsidiary, Waaree Solar Americas Inc., has signed a significant share subscription deal. The deal, signed Tuesday, March 10, involves the subsidiary investing roughly $30 million in United Solar Holdings Inc. This investment is for about 5.37 million Series B preferred shares, marking Waaree's strategic move into the U.S. solar market. Waaree clarified the transaction is not between related parties, ensuring a clear, arms-length arrangement.

This overseas investment follows a substantial domestic order. Waaree Energies recently announced it will supply 500 MW of solar modules to a leading domestic solar power developer, with delivery expected in FY27. The company's financial results also show strength. For the December quarter, net profit surged 26% sequentially to ₹1,062 crore, driven by a 24.7% quarter-on-quarter revenue increase to ₹7,656 crore.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose a healthy 37.2% from the previous quarter to ₹1,928 crore. This growth came with an improved EBITDA margin, which expanded to 25.5% from 23.2% in the prior quarter. These figures highlight strengthening operating leverage for the solar module maker.

Investors reacted positively to the news and the company's financial performance. Shares of Waaree Energies Ltd closed Tuesday, March 10, up 2.27% on the National Stock Exchange (NSE) at ₹2,658.10.

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