Nine months from PPA signing. The debt has to close inside it.

Under Component C in RESCO mode, a plant has nine months from PPA signing to commission. Inside that same window a lender has to appraise the file, sanction it, see its conditions precedent satisfied and disburse — and only then does the money that builds the plant arrive. Projects that miss the date are rarely late in construction. They are late in the pack the lender was waiting on.

In 2026 that constraint has dates attached to it. Which of them reaches your file depends on what is being solarised and on your PPA date; three questions below settle it.

Which 30 September binds this file

MNRE’s office memorandum of 28 March 2026 extended the scheme’s timelines, and extended them differently for two kinds of project. The triage below says which date binds, what the extension does not do to your PPA, and what that means for the file as it stands today.

What we work on

Component A — a decentralised plant of 500 kW to 2 MW selling to the DISCOM at a feed-in tariff the SERC sets — and Component C, both feeder-level solarisation, where a RESCO developer finances and operates for 25 years under a PPA with the DISCOM, and individual pump solarisation. Component B is outside our scope: no utility offtake, no PPA, so it is not project finance work.

What we do about the nine months

A lender does not appraise an incomplete file slowly — it puts the file down until the missing paper arrives, so the elapsed weeks are mostly queue. The sequence is arranged against that. Incorporation and director KYC start at LOA, before the PPA is signed, because nothing in them depends on it. Land title and the DPR are read while the lender runs its own appraisal, not before it starts. And the cross-checks a credit team would otherwise return the file for are run first, on our side, where they cost a day rather than a fortnight.

PSU banks, IREDA and a small set of NBFCs are the active lenders, and they already hold an appraisal template for the scheme — a file that does not fit it is handled as a novelty, and novelties are slow. The credit question is not the tariff: the SERC sets it and the PPA carries it. It is whether the DISCOM pays, and when.

What actually kills these files

None of these are exotic. Every one is a document problem that became a timeline problem, which is why the sequence above is arranged the way it is.

Land that does not reconcile

The lease deed and the jamabandi disagree — a khasra number out by a digit, a parcel only partly leased. Small errors, each a query, each surfacing after appraisal has begun. A lease that does not outlast a 25-year PPA is the same stage failing harder.

A director list that disagrees with itself

MCA says one set of names, the GST registration another, the KYC folders a third. It comes back as a query a week after submission and costs a fortnight to answer.

Equity that is real but not liquid

Promoter contribution that depends on selling another asset. The disclosure form asks what is held now, not what is expected.

A DPR nobody has read as a lender

Written by the EPC contractor to describe a plant, not to answer a credit team. Capacity in DC where the PPA contracts in AC, and a generation figure that is not the one debt is sized against, are both queries waiting to happen.

Conditions precedent discovered at sanction

A CP that needs a fresh document from a government office is a month — and only a month if someone starts it the day the sanction letter arrives.

Waiting for the PPA to start anything

The most common and the most expensive. Incorporation, KYC and land can all be done before signing, and every week of them done after comes out of the nine.

Waiting for PM KUSUM 2.0 is a decision

As of August 2026 there is no cabinet approval, no scheme guidelines, no benchmark costs and no launch date. Committed liabilities under the current scheme do carry forward on the Department of Expenditure’s guidance — but what is notified today is the extension, so leaving the notified window is a decision to be taken rather than drifted into.

How we engage, and what it costs

At LOA where the choice is available, because that is the point at which incorporation and director KYC can come off the critical path. We run SPV formation and its KYC, land title, the DPR read as a lender reads it, the lender pack and submission, and the file through field visit, CMA, sanction and drawdown.

From you: the LOA and the PPA, the land documents, the DPR, and the promoters’ own papers. You will hear which of them is missing from us before you hear it from a lender. The fee is a success fee payable on sanction, agreed in writing before the work starts.

Questions we answer in the first conversation

Each has a specific answer that depends on your PPA date, your component and your state — and each is cheaper to answer now than in September.

• Feeder-level or individual pump — which 30 September binds this file?
• The sanction is in hand and the disbursement is not. What actually moves inside the window, and in what order?
• Our state commission has not amended PPAs in line with the memorandum. What protects us if the DISCOM moves on the performance guarantee?
• Do we close now under the current scheme, or wait for the subsumption into PM KUSUM 2.0?
• The PPA is dated after the extension’s cut-off. What does a case-by-case route actually involve, and what is the realistic answer?

Tell us about the plant

The plant fields are optional, but a capacity, a district and whether the land is owned or leased is usually enough for us to say whether the timeline is achievable. If you would rather write, it is info@thebluridge.com, and the number is +91 91299 92504, which is also on WhatsApp.