- **Waa Solar is fundamentally a solar power producer that builds its own projects, owns them for the long term, and sells every unit of electricity to government utilities under fixed-price, multi-decade contracts**. It was born in 2009 as part of the Madhav Corp infrastructure group, and its story is one of patient evolution - from a single 10 MW plant in Gujarat to a portfolio now anchored by a pipeline of 95.65 MW of new projects under a national scheme to solarise the farm sector. The recurring approach is to keep everything in-house: it designs, builds, operates and maintains its own plants, using proven technology and locking in a buyer before construction even begins. # Business segments Two engines at different stages - a legacy generation business built on a single plant, and a new, much larger wave of projects under a government scheme that is reshaping the company - both run on the same build-own-operate model. ## 1. Legacy solar generation: the original cash-flow anchor **A single 10.25 MW plant in Gujarat, running since 2012, has been the company’s financial backbone for over a decade - but its economics changed fundamentally in 2024.** - **Fixed-price, 25-year contract** - the plant sells its entire output to Gujarat Urja Vikas Nigam Limited (GUVNL), the state utility, under a Power Purchase Agreement that set the tariff at INR 15.00 per kilowatt-hour for the first 12 years, which ended in January 2024, followed by INR 5.00 per unit for the balance period. - **Built, owned, and maintained in-house** - the company constructed the ground-mounted plant on a Build, Own, and Operate (BOO) basis and continues to handle all operations and maintenance itself, using monocrystalline modules from Tier I suppliers with 25-year performance warranties. - **A tiny rooftop project rounds out the base** - a second legacy asset, a 0.10 MW rooftop installation at Bhopal’s Raja Bhoj Airport operating since July 2013, adds a small, steady stream of generation under the same BOO model. - **Insured against the physical world** - the company’s assets carry cover against fire, riot, earthquake, terrorism, and loss of profits, protecting the revenue stream from operational disruptions. ## 2. PM-KUSUM distributed generation: the growth engine **A portfolio of over 95 MW of new ground-mounted solar plants is being built across Gujarat and Madhya Pradesh under a government scheme, each locked into a 25-year contract before construction starts.** - **Won in competitive state tenders** - the company secured a Letter of Award from Paschim Gujarat Vij Company Limited (PGVCL) for 47.5 MW and executed Power Purchase Agreements (PPAs) with Madhya Pradesh Power Management Company Limited (MPPMCL) for 48.15 MW, all under the PM-KUSUM scheme that solarises agricultural feeders. - **Tariffs are lower, but the offtake is guaranteed** - the Gujarat PPAs fix the price at INR 3.00 per unit, while the Madhya Pradesh contracts range from Rs. 2.73 to Rs. 2.75 per unit; in Gujarat, the utility guarantees to buy power corresponding to a 30% plant load factor each year, with any surplus purchased at 75% of the original tariff. - **Phased commissioning is underway** - of the Gujarat award, 19 MW began generating in FY25 and another 7.5 MW came online by August 2025, with the remaining capacity and the entire Madhya Pradesh block still to be built. - **The same in-house playbook, at scale** - these projects are also built, owned, and operated by the company, using the same monocrystalline modules and internal O&M team as the legacy plant, which means the company controls quality and cost across the entire portfolio. - **A business entirely shaped by government policy** - every unit of power is sold to state utilities under regulated PPAs, so the company’s revenue depends directly on the stability of tariff structures, offtake commitments, and the broader policy framework for renewable energy. # Group structure and partners **The company sits inside the Madhav Corp infrastructure group, and a recent clean-up has halved its subsidiaries - but it remains financially intertwined with group entities through loans and guarantees.** - **A subsidiary of Madhav Power Private Limited** - the parent is part of the pan-India Madhav Corp conglomerate, which has interests spanning renewable energy and infrastructure, and the Chairman, Mr. Amit Khurana, brings over 20 years of EPC experience from within the group. - **Streamlined from eight subsidiaries to four** - during FY24, the company sold its stakes in several highway and rooftop solar subsidiaries, mostly to the promoter group entity Madhav Power Private Limited, leaving it with four subsidiaries and three associates focused on solar and highway corridors. - **Deep operational ties with group companies** - in FY25, the company bought Rs. 85.72 crore of goods and services from associate Madhav Infra Projects Ltd and sold Rs. 14.75 crore to it, reflecting a close integration of project execution within the group. - **Financial support flows both ways** - the company has extended loans and advances of Rs. 66.5 crore to Madhav Infra Projects Ltd and provided corporate guarantees of Rs. 16.11 crore and Rs. 18.47 crore to two associate highway companies, tying its balance sheet to the wider group’s infrastructure ventures.