Agreements

September 7, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex, Mumbai- 400001 Bandra (E), Mumbai – 400051 Scrip Code: 544532 Symbol: SOLARWORLD Subject: Outcome of the Board Meeting held today i.e. September 7, 2026 Dear Sir/Madam, Pursuant to Regulation 30 (read with Part A of Schedule III) and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“SEBI Listing Regulations”), we wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e. on Monday, September 7, 2026, inter-alia considered and approved the following matters: 1. Considered and approved the execution of the Securities Subscription Agreement (“SSA”) and Joint Venture Agreement (“JVA”) amongst the following parties: (a) Rays Green Energy Manufacturing Private Limited (“Rays Green”/ “Joint Venture”); (b) Rays Power Infra Limited (“Rays Power”); and (c) Solarworld Energy Solutions Limited (the “Company”): Pursuant to the aforesaid agreements, the Company shall invest in and hold 50% of the equity share capital of Rays Green, with the remaining 50% being held by Rays Power, thereby forming a joint venture for the establishment, development, commissioning and operation of a 2.4 GW solar photovoltaic (“PV”) cell manufacturing facility at Mohasa, District Narmadapuram, Madhya Pradesh. The joint venture will undertake the business of manufacturing and sale of solar photovoltaic cells and other allied and ancillary activities. The rights and obligations of the parties, including their participation in governance, management and funding of the joint venture, shall be governed by the terms and conditions of the JVA and SSA. The details as required under Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular dated January 30, 2026, bearing reference no. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 are set out in Annexure I, Annexure II, Annexure III and Annexure IV hereto. 2. Considered and approved the variation in terms of objects as stated in the prospectus: Modification in the utilisation of the Fresh Issue proceeds / variation in the Objects of the Offer as disclosed in the Prospectus of the Company dated September 25, 2025, inter alia, from investment in its subsidiary, Kartik Solarworld Private Limited (“KSPL”), for part-financing the establishment of a 1.2 GW solar PV TOPCon cell manufacturing facility at Pandhurana, Madhya Pradesh, India (the “Pandhurana Project”), to investment in Rays Green, which is proposed to be operated and managed as a joint venture between Rays Power (an existing shareholder of Rays Green) and the Company, for the joint establishment, development, construction, commissioning and operation of a 2.4 GW solar PV cell manufacturing facility on approximately 41.30 acres of land located at Mohasa, Babai, Narmadapuram District, Madhya Pradesh (the “Project”), subject to the applicable provisions of the Companies Act, 2013 and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The details of the proposed variation are enclosed herewith as Annexure V. 3. Closure of Trading Window: Pursuant to the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015, read with the Company’s Code of Conduct for Regulating, Monitoring and Reporting of Trading by Insiders, the trading window for dealing in the securities of the Company shall remain closed for all Designated Persons, Connected Persons and their immediate relatives from Monday, September 7, 2026, until 48 hours after the declaration of the voting results of the 13th Annual General Meeting (“AGM”) of the Company, in view of the proposed variation in the terms of utilisation of the objects as stated in the Prospectus, which is subject to the approval of the shareholders of the Company. The aforesaid closure of the trading window is being communicated to all Designated Persons, Connected Persons and their immediate relatives in accordance with the Company’s Code of Conduct for Prohibition of Insider Trading. Accordingly, all Designated Persons, Connected Persons and their immediate relatives are advised not to trade in the securities of the Company during the aforesaid period. 4. Approval of notice for calling of 13th Annual General Meeting (“AGM”) of the Company for the financial year ended on March 31, 2026: The Notice of 13th AGM along with Annual Report will be submitted to the Stock Exchange(s) in due course of time. The meeting of the Board of Directors commenced at 4:00 p.m. and concluded at 8:30 p.m. The above information will be made available on the Company’s website at https://worldsolar.in/ We request you to kindly take the same on record. Thanking You. Yours faithfully, For Solarworld Energy Solutions Limited (Formerly Known as Solarworld Energy Solutions Private Limited) Varsha Bharti Company Secretary and Compliance Officer Membership No.: A37545 Encl: A/a Annexure I The requisite disclosures under Regulation 30 of the SEBI Listing Regulations, read with Clause 1.1 of Para A of Part A of Schedule III thereto and Annexure 18 of the SEBI Circular dated January 30, 2026, are set out below: Sr. No. Particulars Details 1. Name of the target entity, details in brief  Name of the target entity - Rays Green such as size, turnover etc.;  Brief description of target entity - Rays Green, a company incorporated under the Companies Act, 2013, is engaged in the business of manufacturing, designing, developing, trading, importing, exporting, assembling, operating and maintaining renewable energy products and is presently developing a 2.4 GW TOPCon solar photovoltaic cell manufacturing facility at Narmadapuram, Madhya Pradesh, India.  Size - The Authorised Share Capital and Paid-up Share Capital of Rays Green are ₹1,00,000 (Rupees One Lakh only) each, divided into 10,000 (Ten Thousand) Equity Shares of ₹10 (Rupees Ten only) each.  Turnover - Rays Green recorded a turnover of ₹437.63 crore during FY 2025-26. 2. Whether the acquisition would fall within No. The acquisition does not constitute a related party related party transaction(s) and whether transaction under the Companies Act, 2013 and the the promoter/ promoter group/ group SEBI Listing Regulations. Neither the promoter, companies have any interest in the entity promoter group nor any group company of the being acquired? If yes, nature of interest Company has any interest in Rays Green, except and details thereof and whether the same pursuant to the proposed investment under the SSA. is done at “arm’s length”; 3. Industry to which the entity being Renewable Energy acquired belongs; 4. Objects and impact of acquisition The acquisition is a strategic investment to establish a (including but not limited to, disclosure of backward integration platform for manufacturing reasons for acquisition of target entity, if high-efficiency solar PV cells, thereby strengthening its business is outside the main line of the Company's renewable energy value chain, business of the listed entity); securing long-term supply of solar cells, reducing dependence on third-party suppliers and enhancing business synergies. The business of the Target Entity is aligned with the existing business of the Company and complements its solar EPC and module manufacturing operations. 5. Brief details of any governmental or Completion of the acquisition is subject to the regulatory approvals required for the fulfilment of the Conditions Precedent under the SSA acquisition; and receipt of the requisite approval of the shareholders of the Company. 6. Indicative time period for completion of The acquisition is expected to be completed within the the acquisition; timeline specified in the SSA, subject to fulfilment or waiver of the Conditions Precedent and completion of the closing formalities. 7 Consideration [Showing first 8,000 characters — download PDF for full document]