Asset Teaser

1.Asset overview

This teaser summarises listing XL-26-0101 for a prospective buyer that has registered interest. It is drawn from the seller's submission and the documents named in the verification record; the full documents are in the data room and open after the NDA.

Technology

Ground-mounted crystalline PV, fixed tilt, central inverters

Capacity

25 MW AC / 32.5 MWp DC (DC/AC ratio 1.30)

Location

Jodhpur district, Rajasthan; exact site in the data room

COD

18 March 2019, full capacity

Seller

Sample Solar Assets SPV Pvt Ltd (illustrative), single-asset SPV

O&M

Third-party O&M contract to March 2027 with a renewal option (seller-declared)

2.Offtake, land and connectivity

Offtake, land and connectivity are the three items a buyer prices first, so they are set out separately. Facts taken from executed documents are marked as such in the verification record; the rest are the seller's declarations.

PPA

25 years from COD with a state distribution utility; about 17 years remaining

Tariff

₹3.14 per kWh, fixed for the term, no escalation

Payment record

Average 48 days from invoice over the last 24 months (seller-declared; statements in the data room)

Payment security

Letter of credit covering one month of billing (seller-declared)

Land

120 acres under one 29-year lease from 2018 (21 years remaining); the lessor is a private owner

Connectivity

33 kV double-circuit line, 9 km, to a 132/33 kV state substation; approval for 25 MW; metering at the substation

3.Generation history

Exported energy as metered at the substation. The three-year average of 58.4 GWh is about 97% of the P50 estimate of 60.2 GWh in the 2018 energy yield report, which is in the data room and was not re-run by BARREL.

4.Permits and approvals

Grid connectivity, 25 MW

Granted by the state transmission utility; valid for the PPA term. Document seen

Land use conversion

Order from the district authority on file. Document seen

33 kV installation approval

State electrical inspectorate, 2019. Document seen

Fire safety certificate

Local authority, renewed 2026. Seller-declared, document not seen

Environmental clearance

Not required for this project type, per the seller. Not checked by BARREL

5.Liabilities and encumbrances

Debt: term loan of ₹62 crore outstanding with a public-sector lender, repayable to 2033, secured on the plant, the receivables and the SPV's shares. The seller proposes that the buyer assumes or refinances this loan; lender consent will be a condition precedent.

Litigation: one pending dispute with a neighbouring landowner over a two-acre access strip, claim value about ₹0.4 crore (seller-declared; papers in the data room). The seller declares no tax demands, no employee disputes and no guarantees given to third parties.

BARREL has not run a charge search, a court search or a fresh title search for this teaser.

6.Data-room index

A. Corporate

Charter documents, shareholding, board approval for the sale. After NDA

B. Offtake

Executed PPA, amendments, 36 months of invoices and payment statements. After NDA

C. Land

Lease deed, 2018 title opinion, revenue records, access-strip dispute papers. After NDA

D. Technical and permits

2018 energy yield report, commissioning certificates, O&M reports, SCADA exports, module and inverter warranties, all approvals listed above. After NDA

E. Financial

Audited accounts FY 2021-22 to FY 2025-26, loan and security documents, insurance policies. After NDA and seller approval

7.Indicative asking range and sale structure

The range is indicative and subject to diligence, taxes, approvals, lender consent and final contract.

Asking range

₹118–132 crore enterprise value; the seller's expectation, not a valuation

Implied equity value

₹56–70 crore after the ₹62 crore loan

Structure

Preferred: sale of 100% of the SPV's shares; an asset transfer would need offtaker and lender consent

Process

Non-binding indicative offers within six weeks of data-room access; shortlisted bidders get a site visit and management meetings; binding offers eight weeks later

Advisors

The seller's financial and legal advisors are named in the data room

8.Verification record

Checks carried out by BARREL for this listing, with their basis and date. Anything not listed here is the seller's declaration.