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WAA Solar Limited has taken a significant step in expanding its renewable energy portfolio by incorporating seven wholly owned subsidiaries as Special Purpose Vehicles (SPVs) to execute solar power projects in Madhya Pradesh. These projects have been awarded by M.P. Urja Vikas Nigam Limited (MPUVNL), a Government of Madhya Pradesh undertaking, reinforcing WAA Solar’s growing role in state-led clean energy development.
The company officially informed BSE Limited about the incorporation of these subsidiaries on January 8, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Each SPV has been created to manage and execute solar projects at specific locations across the state, enabling streamlined operations, better monitoring, and project-specific compliance.
The newly formed entities—WAA Solar (Satipura), (Tawlai), (Awalda), (Kalibawadi), (Talanpur), (Narayanpura), and (Utawad) Private Limited—share an identical capital structure. Each subsidiary has an authorised and paid-up share capital of ₹1 lakh, divided into 10,000 equity shares of ₹10 each, fully held by WAA Solar Limited. The uniform capital framework highlights the company’s structured and scalable approach to project execution.
These incorporations follow WAA Solar’s earlier disclosure on December 29, 2025, regarding the receipt of multiple Letters of Award from MPUVNL. The Certificates of Incorporation have been issued by the Central Registration Centre, Registrar of Companies, confirming the formal establishment of all seven entities. Given WAA Solar’s 100% ownership, the subsidiaries are categorised as related party transactions, though they are internal in nature and do not require additional regulatory or governmental approvals.
Strategically, the SPV-led model allows WAA Solar to maintain focused execution at each project site while ensuring regulatory clarity and financial transparency. This move not only strengthens the company’s operational efficiency but also aligns with best practices commonly adopted in large-scale infrastructure and renewable energy projects.
From a market perspective, WAA Solar’s stock performance reflects mixed trends. While the company has delivered strong short-term gains—up over 14% in five days and more than 37% in one month—longer-term returns show volatility, with a decline over the past year. However, the five-year return of nearly 66% suggests that long-term investors have seen value creation, supported by the company’s continued expansion in the renewable energy space.
Overall, the incorporation of these seven SPVs marks a strategic milestone for WAA Solar Limited, positioning it for efficient execution of government-backed solar projects and reinforcing its commitment to India’s renewable energy transition.