—Independent Power Platform
We develop, build, own and operate solar power plants with the discipline of a long-cycle infrastructure investor — bankable offtake, institutional-grade O&M, decades of cash flows.
Waa Solar is an independent power producer built to own generation assets across their full economic life. The company has been developing, commissioning and operating solar plants for over a decade — long enough to have weathered tariff cycles, module-price shocks, grid-curtailment events and several policy resets, and to have done so without a break in commercial operation.
Projects are built for 25-year PPAs. Underwriting, financing and operations are all set up for the duration — not for exit, flip or short-cycle arbitrage. That orientation shapes every technical and commercial decision.
Development, EPC oversight, commissioning and O&M all sit inside the platform. Nothing critical to uptime or revenue is outsourced to a party whose incentives we don’t control.
Every operating megawatt is backed by long-tenure PPAs with highly rated counterparties — state discoms, central public undertakings, and investment-grade C&I offtakers.
The operating portfolio spans multiple states and multiple offtake structures. Projects sit on land we control, feed into grids we’ve been connected to for years, and sell power under PPAs with counterparties we’ve transacted with since inception.
A platform that has run the same way for over a decade is now executing the largest single increment of capacity in its history. At commissioning of the contracted pipeline, installed capacity will roughly double — and every megawatt of it sits under PPAs already signed with public-sector off-takers.
Two ground-mount plants in Gujarat — Mitana (1.5 MW) and Paddhari (4 MW) — are being built under the PM-KUSUM Component C scheme, with PPAs in place with PGVCL.
A 48.5 MW Kusum C portfolio in Madhya Pradesh, with PPAs executed with MPPMCL. Land acquisition is underway and construction will follow.
PM-KUSUM Component C is a central scheme that rolls out state-by-state through individual DISCOMs. Waa Solar already operates plants under the same scheme in Gujarat — the MP build is the same model, executed in a second state.
Two capabilities run in parallel under the Waa roof. One team is built for commissioning — taking new projects from EPC hand-off through stabilisation. A separate, dedicated O&M organisation runs the operating fleet. Both are being scaled against the next three years of pipeline.
Availability, soiling, generation-vs-P90, invoicing cycle, receivables ageing — measured and reported on an institutional cadence, not a contractor’s.
The portfolio benefits from team members who built the first plant — a 10.25 MW facility — in 2011, and who are still actively involved with plants being built in 2026. That institutional memory is rare and sits inside the platform.
String-level monitoring, thermal imaging, drone inspection and scheduled cleaning cycles keep output within design tolerances over the life of the PPA.
More than a decade of owning, operating and maintaining grid-tied solar generation has taught us what breaks, what ages, what’s under-priced and what’s over-promised. That earned knowledge — not desk-level theory — is the foundation on which the next phase of capacity is being built.
The record that matters to investors and lenders is the one written in operating data. Ours reads consistently across every year since first commissioning.
The climate contribution of a solar plant isn’t a marketing claim — it’s an engineering outcome, calculable and auditable. We report impact per megawatt and per year, on the same basis used by the Central Electricity Authority for the Indian grid.
Calculations use CEA grid emission factor (Indian grid, combined margin) and an 18% capacity utilisation factor typical of the resource zones in which our operating plants are located. Per-household figures benchmarked to average Indian residential consumption. Figures shown are illustrative per-MW equivalents, not portfolio totals.
What we’ve spent the last decade learning isn’t how to build a solar plant. It’s how to keep one running, on spec, for twenty-five years. — The Waa Solar view