• IPO proceeds deployment: The company is raising ₹1,800 crore entirely through a fresh equity issue, with all proceeds earmarked for capacity expansion.
• Capacity growth targets: Current peak capacity of 2,400 MW is targeted to reach 6,000 MW by FY28 and roughly 10,000 MW by 2030–2032, while battery storage capacity will scale up from 500 MW to about 4.5 GWh.
• Portfolio and tariffs: The portfolio consists of 83% wind-solar hybrid and FDRE alongside 17% vanilla solar, which management expects will yield an average tariff of approximately ₹3.64 per unit.
• Offtaker mix evolution: Central government entities such as NTPC, NHPC, and SJVN will make up over 75% of capacity as it reaches 6,000 MW, reducing exposure to Gujarat and Maharashtra state discoms to roughly 25–27%.
• Debt structure: Debt is primarily housed at the project level and serviced via 25-year PPAs under an 80:20 funding structure, with only ₹1,500 crore in debt sitting at the HoldCo level against ₹3,300 crore of invested equity.