A pre-tax equity IRR of 18 % is the minimum benchmark on which any investment decision should be made, and we commit to deliver this. This is a pure business call. Anything lesser than 18 % could be driven by strategic or social considerations. And, we will support any such initiative.

Though a project IRR of 11 % is still decent, we lay significant emphasis on delivering lowest-possible levellised cost of energy (LCOE). While the LCOE for a pure-play solar power generation project is less than Rs 2.20 per kWh, we can today deliver solar+BESS with an LCOE of around Rs 8.00 per kWh.

And, to ensure that the project is bankable, our workings will always be to establish the average debt service coverage ratio (DSCR) of at least 1.20.

We do the number crunching, for rooftop as well as open access, for captive as well as opex, for any consumer category, for any discom, for any generation level, for any state, for any technology, for any regulatory environment.