Waa Solar Limited has successfully executed seven Power Purchase Agreements (PPAs) with Madhya Pradesh Power Management Company Limited, marking a significant milestone in the company's solar energy expansion. The agreements cover a cumulative capacity of 48.15 MW under the PM-KUSUM C Yojana scheme, specifically for concessions awarded under Feeder level Solarization.

Agreement Details and Structure

The company disclosed these developments in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. This announcement continues the series of intimations previously submitted on December 29, 2025 and January 08, 2026.

Financial Terms and Project Tenure

The Power Purchase Agreements establish favorable commercial terms for the company's solar power generation business. The approved tariff structure ranges from ₹2.73 to ₹2.75 per unit, providing a stable revenue framework for the project's operational period.

Regulatory Compliance and Transparency

Waa Solar Limited has ensured full regulatory compliance in disclosing these material developments. The company confirmed that no promoters, promoter groups, or group companies have any interest in the contracting entity, and the agreements do not constitute related-party transactions.

The contracting party, Madhya Pradesh Power Management Company Limited, operates as a Government of Madhya Pradesh undertaking, representing a stable institutional counterparty for the long-term power purchase arrangements. This domestic contract structure aligns with the company's strategy of securing reliable revenue streams through government-backed entities.

Strategic Significance

These seven PPAs represent a substantial addition to Waa Solar Limited's project portfolio, with the 48.15 MW cumulative capacity positioned to generate consistent revenue over the 25-year operational period. The PM-KUSUM C Yojana framework provides institutional support for solar power development, particularly in feeder-level solarization initiatives that enhance grid stability and renewable energy integration.

Waa Solar Limited has fulfilled its regulatory obligations by submitting the mandatory compliance certificate under SEBI regulations for the quarter ended March 31, 2026. The submission was made to BSE Limited on April 14, 2026, through Company Secretary and Compliance Officer Mansi Heda.

Regulatory Compliance Details

The certificate submission pertains to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This regulation requires companies to provide quarterly confirmations regarding the handling of securities received for dematerialization.

Certificate Confirmation

Bigshare Services Private Limited, serving as the company's Registrar and Share Transfer Agent, issued the confirmation certificate dated April 10, 2026. The RTA confirmed that securities received from depository participants for dematerialization up to March 31, 2026, were properly processed and confirmed to the depositories.

The certificate validates that:

• Securities received for dematerialization were confirmed (accepted/rejected) to depositories
• Securities comprised in the certificates have been listed on the stock exchange where earlier issued securities are listed
• Security certificates received for dematerialization have been mutilated and cancelled after due verification
• Names of depositories have been substituted in the register of members as registered owners within 15 days of receipt

Company Information

Waa Solar Limited operates from its registered office at Madhav House, Plot No. 4, Near Panchratna Building, Subhanpura, Vadodara, Gujarat. The company trades on BSE with Security ID WAA and Scrip Code 541445. Mansi Heda serves as the Company Secretary and Compliance Officer with membership number A75626.