Private Capital Advisory for Solar Projects in India
We arrange private capital for solar developers and corporate buyers in India. The mandate is end to end. We underwrite the case, prepare materials, conduct lender soundings, negotiate term sheets, and coordinate closing with counsel. The focus is on structures that pass credit committees and fund on schedule.
Snapshot:
Senior rupee debt, external commercial borrowings where eligible, mezzanine and holdco debt, construction finance, GST input credit bridge, portfolio warehouses for C&I, and ECA support for eligible equipment. Typical first pass in 10 to 15 business days after full documents and cleared payment. Term sheet timing depends on permits, offtaker diligence, and approvals.
Where we add value
Utility-scale IPP
Solar PV with central or state offtake. Firming with BESS where required by tender terms.
C&I open access and captive
Group captive and third-party open access portfolios. Clear land, approvals, and SLDC processes.
Rooftop portfolios
Standard PPAs with creditworthy corporates and an aggregation plan to reach term-out scale.
Solar plus storage and hybrids
PV with BESS or wind hybrid for peak commitments and scheduling. Revenue stacking and reserves.
Capital products we arrange
Senior project finance |
Rupee term loans sized on DSCR. Amortisation post COD with DSRA and TRA controls. |
ECB and foreign lenders |
External commercial borrowings where eligible. Hedging and approvals planned into the structure. |
Construction and GST bridge |
During EPC with interest capitalised. Repaid at term conversion or input credit realisation. |
Mezzanine or holdco debt |
Cash pay with PIK toggle when coverage is tight. Used for equity top up and portfolio growth. |
Portfolio warehouses |
Revolving line for C&I PPAs. Term out once size and seasoning thresholds are met. |
ECA-backed buyer credit |
Eligible equipment and services supported by ECAs. Tenor and cover subject to rules. |
What makes a solar project bankable in India
Offtaker and PPA |
Creditworthy offtaker, clear payment security such as LC and escrow, curtailment rules, and change in law provisions. |
Permits and approvals |
Land and right of way, grid connectivity and evacuation, open access or captive approvals, and SLDC consents as applicable. |
Technical compliance |
Tier one equipment, EPC with performance guarantees and LDs, O&M KPIs, and warranty support. |
Financial metrics |
Base case DSCR at or above lender threshold with P90 checks. DSRA and reserve policies defined in the TRA. |
Currency and hedging |
Clear plan for FX where foreign debt or equipment applies. Hedging and approvals aligned to cash flows. |
Security package and controls
- Share pledge over project SPV and holdco where relevant
- Mortgage and charge over land, plant, and machinery with filings
- Assignment of PPA, EPC, O&M, interconnection, and insurance proceeds
- Trust and Retention Account with waterfall and DSRA
- Insurance with lender endorsements and reinsurance where required
Who we approach
Public sector and private banks, NBFC and IFC lenders, power sector lenders, IREDA, DFIs and MDBs, private credit funds, infrastructure debt funds, and ECA partners for eligible components. Targets are filtered by state, currency, ticket size, technology, and construction or merchant exposure.
Process and timeline
- Intake:
Submit sponsor details, project summary, land and permits status, PPA draft, and model.
- KYC:
Sponsor and SPV screening. Invoice issued after preliminary clearance.
- Underwriting:
Credit memo, model checks, risk mitigants, and CP checklist. First pass in 10 to 15 business days after full documents and cleared payment.
- Soundings:
Discreet outreach to confirm appetite and term ranges before full distribution.
- Distribution:
Staged send to lenders that match state and structure.
- Term sheet:
Negotiate covenants, reserves, guarantees, and CPs.
- Financial close:
Final diligence, opinions, filings, and conditions precedent to funding.
Documentation checklist
Item |
Details |
Financial model |
Integrated model with sources and uses, DSCR, sensitivities, and reserve sizing. |
PPA and offtaker files |
Signed or near final PPA, offtaker financials, and payment security terms. |
Land and permits |
Title, right of way, environmental approvals, grid connectivity and evacuation approvals. |
Open access or captive |
Approvals and consents where applicable. SLDC processes and scheduling details. |
EPC and O&M |
Draft contracts, performance guarantees, LDs, and warranties. |
Insurance schedule |
Construction and operational covers with endorsements. |
Corporate approvals |
Board minutes, shareholder resolutions, and SPV structure. |
KYC |
Sponsor identity, source of funds, and sanctions screening. |
Mandate and fees
Underwriting fee |
From $45,000 to $165,000 based on ticket size and complexity. Invoices issued after KYC. |
Success fee |
2.0% to 3.0% of funded debt. Minimums apply. |
Third party costs |
Client pays legal, technical advisor, insurance broker, valuations, and filings. |
Refunds |
Fees are non refundable once underwriting begins. |
FAQ
Can you arrange rupee debt and ECB
Yes. We approach Indian lenders for rupee facilities and foreign lenders for ECB where eligible. Hedging and approvals are addressed during underwriting.
Do you work with group captive structures
Yes. We support captive and group captive projects with the required shareholding and consumption tests and related documentation.
What equity do sponsors need
Typically 20 to 30 percent of EPC and soft costs, committed and staged. Grants and vendor terms can reduce cash if ring fenced.
Start your onboarding
Submit your intake form. After KYC, your invoice will be issued. Underwriting starts when payment clears.
Submit Intake Form
We are an arranger and advisor. We are not a lender and do not guarantee funding. All mandates are best efforts and subject to underwriting and compliance. Pay only to bank details on our official invoice. Be careful with unsolicited approaches through unofficial channels.