Waa Solar Limited was incorporated as a Private Limited Company as 'Waa Solar Private Limited' on November 9, 2009. The status of the Company changed to Public Limited and the name was changed to 'Waa Solar Limited' on February 19, 2018. Waa Solar Limited, a Company - Part of a Madhav Corp., a pan India conglomerate operating in the sector of Renewable Energy and Infrastructure. The Company is mainly engaged in solar power generation by setting up Solar Power Project companies which are engaged in solar power generation activities.
The Company was promoted by Mr. Hitesh Doshi and Mr. Viren Doshi. On May 8, 2010, the company was taken over by the Promoter M/s. Madhav Power Private Limited (MPPL) by entering into solar power projects in Gujarat. MPPL is the Promoter and Holding Company holds 34,19,982 Equity Shares constituting 70.03% of stake in the Company. On May 21, 2010, Gujarat Urja Vikas Nigam Limited (GUVNL) 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. GUVNL entered into Power Purchase Agreement (PPA') dated May 21, 2010 and agreed to purchase such power through distribution companies (Discom).
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.
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 63,990 Photovoltaic (PV) modules in phase I having total capacity of 4.9592 MW and 64,875 PV modules in phase II