Shares of WAA Solar were in focus on Monday after the company informed exchanges that it has received multiple Letters of Award (LoA) from M.P. Urja Vikas Nigam Limited (MPUVNL), a Government of Madhya Pradesh enterprise, for the implementation of grid-connected solar power projects.
In a regulatory filing dated December 29, WAA Solar said the orders pertain to the implementation of Grid Connected Solar PV based Power Plants under the Surya Mitra Krishi Feeders Scheme, with feeder solarisation under the PM KUSUM-C scheme. The generated power will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL), as per the disclosure .
According to the company, the total estimated consideration of the contracts is approximately Rs 225 crore. The projects are domestic in nature and are required to be executed within 18 months from the date of signing of the Power Purchase Agreement (PPA).
WAA Solar clarified that the promoters or promoter group have no interest in the entity awarding the contract, and the transaction does not fall under related-party transactions. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Background
WAA Solar Limited is engaged in the renewable energy segment, primarily focusing on solar power generation and project execution. The PM KUSUM-C scheme, under which the awarded projects fall, aims to promote feeder-level solarisation to provide reliable daytime power to agricultural consumers while reducing dependence on conventional energy sources.
M.P. Urja Vikas Nigam Limited is the nodal agency for renewable energy development in Madhya Pradesh and regularly awards solar projects under central and state government schemes. The latest LoA adds to the pipeline of solar infrastructure projects being implemented in the state.
The company stated that further details regarding execution will be shared as and when required, in line with regulatory norms.
