Waa Solar Limited has incorporated seven wholly owned subsidiaries as Special Purpose Vehicles (SPVs) to execute solar projects awarded by M.P. Urja Vikas Nigam Limited, a Government of Madhya Pradesh enterprise. The company informed BSE Limited about these incorporations on January 08, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsidiary Companies Incorporated

The seven newly incorporated wholly owned subsidiaries are structured to handle specific project locations across Madhya Pradesh. Each subsidiary has been established with identical capital structures to facilitate project execution.

Capital Structure and Financial Details

All seven subsidiaries have been incorporated with identical capital structures to ensure operational consistency across the project portfolio. The uniform capital allocation reflects the company's systematic approach to project management.

Regulatory Compliance and Background

The incorporation follows the company's earlier intimation dated December 29, 2025, regarding the receipt of multiple letters of awards from M.P. Urja Vikas Nigam Limited. The Certificate of Incorporation for all subsidiaries has been received from the Central Registration Centre, Registrar of Companies. These subsidiaries are classified as related party transactions due to WAA Solar Limited's 100% shareholding in each entity.

Strategic Implementation

The subsidiaries will serve as dedicated project execution vehicles for the solar projects awarded by the Madhya Pradesh government enterprise. This structure allows for focused project management and compliance with regulatory requirements specific to each project location. The company has confirmed that no additional governmental or regulatory approvals are required for these incorporations, as they represent internal corporate restructuring to facilitate project execution.

Waa Solar Limited has officially received the Letter of Award (LOA) from M.P. Urja Vikas Nigam Limited (MPUVNL) for a major solar power project worth approximately ₹225.00 crores. The company announced this development through a regulatory filing under SEBI Regulation 30, confirming the formal award of multiple contracts for grid-connected solar photovoltaic power plants.

Project Specifications

The awarded project involves the "Implementation of Grid Connected Solar PV based Power Plants (SPP) under Surya Mitra Krishi Feeders Scheme with feeder solarization component of PM KUSUM-C Scheme for sale of power to MPPMCL." This comprehensive project represents a significant opportunity in India's agricultural solar power segment, combining feeder solarization with power generation for the state grid.

Contract Details and Timeline

The project falls under the domestic contract category, awarded by MPUVNL, a Government of Madhya Pradesh enterprise. The execution timeline is set at 18 months from the date of Power Purchase Agreement (PPA) signing, providing a clear roadmap for project completion. The contract does not involve any related-party transactions, and the company's promoters have no interest in the awarding entity.

Strategic Significance

This contract award is particularly significant given Waa Solar's current market capitalization of ₹72.79 crores. The project value of ₹225.00 crores represents more than three times the company's market cap, demonstrating substantial revenue potential and the company's capability to secure large-scale government projects in the renewable energy sector.

Regulatory Compliance

The announcement was made in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, reflecting the company's commitment to transparent corporate governance. Company Secretary Mansi Heda signed the regulatory filing, ensuring proper documentation and stakeholder communication of this major business development.

This contract marks a significant business expansion for Waa Solar Limited, positioning the company for growth in the solar energy sector.