Incluziv Capital

An umbrella facility for contracted C&I rooftop solar.

We are mandated to arrange a ₹25–50 crore programme facility for a rooftop solar developer. The structure is a single sanction against which each project draws in turn, with per-asset conditions precedent, rather than a fresh credit process for every site.

The first draw is ₹4.39 crore against 1.8 MWp already contracted across two sites in Haryana and Rajasthan — built on a build-own-operate basis at the off-taker's premises and sold entirely behind the meter under 25-year fixed-tariff PPAs. No escalation, no merchant exposure.

The programme

₹25–50 CrUmbrella facility sought
₹4.39 CrFirst draw, against two contracted sites
1,800 kWpDC capacity in the first draw
25 yearsFixed-tariff PPA, no escalation
19.2%Debt yield on the first draw
1.31xYear-one DSCR at 12-year tenure

Why it underwrites

A programme, not a deal

Further sites are contracted on the same structure with separate, higher-rated counterparties. Counterparty concentration falls as the facility draws, so the credit improves rather than repeats.

Contracted, not merchant

A fixed tariff for 25 years with a full off-take obligation, consumed behind the meter at the off-taker's own plants. Structural demand, not discretionary.

Cover, not yield, binds

A 19.2% debt yield sits well ahead of the 12–14% typically required on contracted C&I paper. On a 12-year tenure, minimum DSCR holds at 1.21x through final maturity.

Why a lender should want the umbrella

One sanction, many assets

Sourcing contracted C&I rooftop one asset at a time is expensive: a full credit process, site diligence and documentation for a ₹4 crore exposure. A framework facility spreads that cost across the whole programme and gives the lender first call on a pipeline that is already contracted.

For a lender building a C&I renewable book toward ₹50 crore, that is a materially cheaper way to deploy than winning twelve separate mandates.

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