Waaree Energies subsidiary to invest $30 million in United Solar Holdings

Waaree Energies Ltd said its wholly-owned subsidiary, Waaree Solar Americas Inc. has entered into a share subscription agreement on Tuesday, March 10, with United Solar Holdings Inc. to subscribe to about 5.37 million Series B preferred shares for an aggregate consideration of around $30 million.

The company said the transaction is not a related party deal and none of its promoters or group entities have any interest in it.

Separately, the solar module maker recently said it has secured an order to supply 500 MW of solar modules from a domestic solar power developer and independent power producer. The one-time contract is for FY27, with the entire module supply to be executed within the timeline specified under the agreement.

Q3 results

For the December quarter, Waaree Energies reported a strong financial performance, with net profit rising 26% sequentially to ₹1,062 crore from ₹842 crore in the previous quarter. Revenue increased 24.7% quarter-on-quarter to ₹7,656 crore from ₹6,065 crore in Q2.

EBITDA for the quarter rose 37.2% sequentially to ₹1,928 crore from ₹1,405 crore, while EBITDA margin improved to 25.5% from 23.2%, reflecting stronger operating leverage.

Shares of Waaree Energies Ltd ended higher on Tuesday, March 10, by 2.27% at ₹2,658.10 on the NSE.

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