Waa Solar Ltd

Waa Solar Ltd

Waa Solar Limited was incorporated as a private limited company with the name 'Waa Solar Private Limited' on November 9 2009. The registered office of the Company was shifted from Maharashtra State to Gujarat State on September 12 2013. Consequent upon the conversion of the Company to public limited company the name of the Company was changed to 'Waa Solar Limited' on February 19 2018. The company was promoted by Mr. Hitesh Doshi and Mr. Viren Doshi. On May 8 2010 the company was taken over by the corporate promoter M/s. Madhav Power Private Limited ('MPPL') with the intention entering into solar power projects in the state of Gujarat. MPPL is the promoter and holding company holds 3419982 Equity Shares constituting 70.03% of stake in company. On May 21 2010 Gujarat Urja Vikas Nigam Limited ('GUVNL') has awarded the work of setting up of Solar Photovoltaic Grid Interactive Power Plant of 10MW capacity at village Nayka Taluka-Sami District Patan to produce the Electric Energy and for sale of entire electrical energy so produced for commercial purpose from such project to GUVNL for a tenure of 25 years. GUVNL has entered into Power Purchase Agreement ('PPA') dated May 21 2010 and agreed to purchase such power through distribution companies ('Discom'). Subsequently the company vide its letter dated September 17 2010 requested to GUVNL for shifting of location of 10MW Solar power plant from village Nayka Taluka-Sami District Patan Gujarat to Village Tikar (Parmar) Taluka- Muli District Surendranagar Gujarat. GUVNL on October 8 2010 accepted the request for change in location of 10 MW solar power plant and executed supplementary Power Purchase Agreement ('PPA') on October 8 2010. In March 2011 the company acquired 371502 Square Meter (approx 92 acres) of agriculture land of Rs. 392.80 Lakhs for setting up Solar Photovoltaic Grid Interactive power plant of 10MW at Village Tikar (Parmar) Taluka- Muli District Surendranagar. The company within a period of 11 months of acquisition of land completed 10.25 MW (DC) capacity of ground mounted Solar Photovoltaic power project in the area of (approx 59.80 acres) at Village Tikar (Parmar) Taluka- Muli District Surendranagar Gujarat installed 63990 Photovoltaic (PV) modules in phase I having total capacity of 4.9592 MW and 64875 PV modules in phase II having total capacity of 5.9207 MW with 14 inverter transmission station. The Company received certificate of commissioning of 10.25 MW from Gujarat Energy Development Agency ('GEDA') on February 27 2012. Out of total land area of 92 acres of land situated at Village Tikar (Parmar) Taluka- Muli District Surendranagar Gujarat the company has set up Solar Photovoltaic power project in the area of approx 59.80 acres and balance area of approx 32 acre land has been given on lease basis to M/s. S.J. Green Park energy Private Limited for setting up Solar Photovoltaic power project of 5.125 MW w.e.f May 9 2012 for a tenure of 25 years at a monthly rent of Rs. 1.00 Lakhs with the incremental rent of 5% every year.