Notice. Advisory and arranging services only. We are not a lender. Proposals depend on KYC/AML, technical diligence, eligibility, controls, and definitive documentation.
India Solar Project Finance
Capital raising for sponsors active in SECI and central procurements, state DISCOM programs, and open access C&I. We arrange development spend, construction debt, mini-perm, mezzanine, HoldCo and OpCo lines. Clear lender requirements. Straight path to approvals.
On This Page
Request A Proposal
Send LOA or bid status, evacuation plan, land and permits, and your model. We reply with limits, covenants, and a route to first draw.
Open Client IntakeSponsor Needs We Solve In India
Pre-NTP Cash
- Land aggregation and revenue records
- Interconnection deposits and studies
- Owner’s engineer and legal budgets
Construction To COD
- EPC-backed construction lines with IDC
- Contingency and performance holdbacks
- Test protocols through PAC and FAC
Portfolio Scaling
- Mini-perm and term refinancings sized to DSCR
- HoldCo debt against distributions
- Working capital for O&M, spares, warranty
India Market Factors We Underwrite
Central & State Procurements
- SECI and central awards with payment security mechanics
- State DISCOM PPAs with escrow and timely settlement plans
- Change-in-law, curtailment, and deemed generation stances
Open Access & C&I
- Group captive and third-party sale structures
- Open access charges and banking or wheeling adjustments
- Corporate buyer credit filters and termination protection
Better evidence lowers margins and reserve loads. Weak evidence does the opposite. Keep your grid pack , LOA/PPA , and land records current.
Eligibility And Data Room For India
Baseline Profile
- Late-stage development or NTP-ready preferred
- Bankable EPC and O&M counterparties or shortlist
- Evacuation approvals or credible staged plan
- Offtake via central award, state PPA, or C&I open access
Core Documents
- LOA or PPA term sheet, bid docs, schedules
- Land records, RoW, and permits list
- SLDC or evacuation letters and grid studies
- Resource report, PR and degradation, model pack
Checklist issued at intake. Execution starts when core items are complete.
Products And Indicative Terms
| Development Capital | ₹15 crore to ₹40 crore equivalent for land, studies, permits, and interconnection. Milestone draws. Partial recourse until NTP. |
| Construction Facility | 70% to 85% of eligible EPC and soft costs. IDC and contingency lines. Tenor to COD with buffer for PAC and FAC. |
| Mini-Perm / Term | 5 to 12 years. DSCR-led sizing on P50 and P90. Cash sweeps and distribution tests. Refinance option after operating track record. |
| Mezzanine / HoldCo | Contracted cash flow based with intercreditor alignment. PIK options during ramp. Useful for equity gap coverage and portfolio roll-ups. |
| Working Capital | GST, logistics, warranty, spares, O&M. Grid bonds and performance guarantees where required. |
| Security Package | Share pledges, account control, assignment of material contracts, land and site rights, step-in via direct agreements. |
| Key Covenants | DSCR and LLCR thresholds, budget and change order controls, PR and availability KPIs, distribution locks on test breach. |
| Facility Size | ₹40 crore to ₹1,800 crore per project or tranche. Portfolio lines available. |
| Pricing | Reference rate plus margin by risk band. Commitment and arrangement fees. Third-party costs pass through. |
| Documentation | Facility agreement, intercreditor, direct agreements, security, hedging docs, insurance endorsements, and CP schedule. |
Illustrative only. Final terms are set after underwriting and approvals.
Execution Approach In India
Workstreams
- Screening for payment security, evacuation, and land
- Indicative terms and lender shortlist
- Technical, legal, ESG, and credit diligence
- Approvals, CPs, first draw, and monitoring
Risk Controls
- Account control and reserve waterfalls
- Milestones at NTP, MC, COD, PAC, and FAC
- Insurance coverage and change order governance
- Tripwires on delays, curtailment, or payment slippage
Send Your India Pack
Upload LOA or PPA term sheet, SLDC or evacuation letters, land records, and model. We respond with an indicative structure and closing plan.
Open Client IntakeFAQ
What evidence do lenders in India want to see first?
LOA or credible PPA term sheet, evacuation letters or SLDC nodal confirmations, land records and RoW, a resource report with PR and degradation, and a working model with DSCR cases.
How is DISCOM payment risk addressed?
Escrow or payment security mechanisms, assignment of receivables, step-up reserves where history is weak, and tripwires that trigger sweeps or distribution locks when invoices age beyond thresholds.
Can group captive or third-party sale projects be financed?
Yes. We require clarity on open access charges, banking and wheeling policies, and buyer credit quality. These are modeled with sensitivities and reflected in covenants and reserves.
What DSCR ranges are typical in India?
Bands depend on offtake quality. Central or top-tier state awards can support tighter DSCR, while weaker payment security or higher curtailment risk requires higher headroom and larger reserves.
How do open access charges impact debt sizing?
They move operating costs and volatility. We run sensitivity bands for changes in cross-subsidy, wheeling, and banking rules, and size reserves or hedges where exposure is material.
Do you support solar-plus-storage financings?
Yes. We align augmentation, warranty, and performance guarantees with revenue stacking and update covenants to reflect round-trip efficiency and dispatch profiles.
What is the usual timeline to first draw?
Screening in week 1, indicative terms by weeks 2 to 3, full approvals in weeks 4 to 8 depending on data room completeness, with first draw after CPs are met and accounts are controlled.
What project sizes do you consider?
Single assets and portfolios from ₹40 crore to ₹1,800 crore per project or tranche, with portfolio lines for active sponsors.
What documentation is essential at term sheet stage?
EPC and O&M drafts, PPA or open access term sheet, interconnection pack, permits list, insurance schedule, and a model with sensitivity outputs and the reserve waterfall.
How do currency and import costs factor into terms?
Customs, GST, and FX exposure for modules and inverters are modeled. We add contingencies where supply risk is present and reflect impacts in pricing, reserves, and covenants.
Request Your Proposal
Share your India pipeline and documents today. We come back with indicative limits, covenants, and a target closing timeline.
Open Client IntakeDisclosures. FG Capital Advisors provides advisory and arranging services. No guarantee of approvals, pricing, timing, or capacity. All proposals are subject to eligibility, documentation, and counterparty approvals.
