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.

Waa Solar Limited has announced the appointment of Ms. Mansi Gopalbhai Heda as its new Company Secretary and Compliance Officer, effective August 05, 2025. This appointment comes following the resignation of the previous Company Secretary, Ms. Nikita Sadhwani.

New Appointment Details

The Board of Directors of Waa Solar Limited, based on recommendations from the Nomination and Remuneration Committee, approved Ms. Heda's appointment in a meeting held on August 05, 2025. Ms. Heda brings a strong academic background and relevant experience to her new role:

• Member of the Institute of Company Secretaries of India (Membership No. A75626)
• Graduate in Commerce (B.Com) and Law (L.L.B) from Maharaja Sayajirao University of Baroda
• Experience in handling compliances for listed companies, public companies (including a Government of Gujarat undertaking), and private companies
• Proficient in regulatory filings and secretarial work

Transition in Leadership

Ms. Heda's appointment follows the resignation of Ms. Nikita Sadhwani (Membership No. A56387), who served as the Company Secretary and Compliance Officer until August 04, 2025. Ms. Sadhwani stepped down from her position citing personal reasons.

Regulatory Compliance and Transparency

In its filing, Waa Solar Limited acknowledged a delay in informing the exchange about the new appointment within the specified timelines. The company attributed this delay to pending internal approvals within the management. They have assured stakeholders that steps are being taken to streamline processes to prevent such delays in the future.

Company Overview

Waa Solar Limited, with its registered office in Vadodara, Gujarat, operates in the solar energy sector.

This change in the key managerial personnel comes as Waa Solar Limited continues to navigate the dynamic renewable energy landscape in India. The appointment of Ms. Heda is expected to strengthen the company's compliance and secretarial functions, which are crucial for listed entities in maintaining transparency and adhering to regulatory requirements.