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 34,19,982 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 3,71,502 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.