Level 1 · Prototype capital
₹5–8 crore
Seed equity at BaAV parent: 51% stake in the first Franchisee Company, 18 months of platform operations, proving and documenting unit economics.
Capital & investors · For CSR and funders
Four kinds of capital, layered into one village unit.
People, public, philanthropy and private money each carry the part of the risk they are suited to.
Layers are illustrative and not drawn to scale
People
Farmers contribute land-use, not cash, and hold the shares. This is the base everything else rests on.
Public
Subsidy under PM-KUSUM and state schemes, unlocked through a detailed project report for each unit.
Philanthropy
CSR and grant capital that funds the first units, so they start without debt and prove the model.
Private
Bank debt and impact capital, which come in once a unit has an audited record to lend against.
One package, one point of contact
What we do for funders
- Prepare the business plan and DPR for each unit
- Bring the EPC partner, crop plan and ownership documents as one package
- Coordinate farmers, builders, the DISCOM and state agencies through commissioning
Investor brief · August 2026 · Indicative
For investors: the prototype and the portfolio
BaAV is an Agri-PV infrastructure development and finance company. The question is no longer whether Agri-PV works — existing pilots have proved that. The question is whether the unit economics hold, whether the capital structure holds, and whether the returns attract institutional money. That is what the prototype must prove.
The investment test
What the prototype must prove
- Bankable cash flows
DSCR 1.3x or better from PPA-backed grid export, farmer subscriptions and processing services
- Equity returns
Pre-tax IRR of 14–18% on commercial equity
- Replicability
A templated Agri-PV structure a portfolio lender can underwrite across agro-climatic zones
- “Third crop” economics
40–60% farmer income uplift within three years
- Independence from grant dependency
Subsidies are capex offsets, not revenue
The physical and financial unit
The prototype unit
| Agri-PV installation | 200–300 kW, panels elevated 3–4 m over active farmland |
| Farmer coverage | 100–200 marginal/small farmer plots in a contiguous cluster |
| Integrated infrastructure | Solar micro-irrigation (drip + sprinkler), 5 MT cold storage, solar dryer, grain/flour mill, packaging unit |
| Energy offtake | On-site use plus surplus export via PPA with the state DISCOM |
| Total project cost | ₹5.0–6.0 crore |
| Government subsidy (capex offset) | ₹1.5–1.8 crore |
| Net investable cost | ₹3.5–4.2 crore |
| Operational life | 25 years |
Indicative financing
Capital structure for ₹4.2 crore net cost
| Capital | Amount / share | Terms and position |
|---|---|---|
| Senior term debt | ₹2.75 Cr (65%) | 10.5% p.a., 12-year tenor, 1-year moratorium, secured against Agri-PV assets and PPA-backed receivables |
| BaAV equity | ₹0.74 Cr (18%) | 51% of equity, first-loss promoter position |
| Local equity | ₹0.71 Cr (17%) | 49% of equity — landowners, local management, community; may include sweat equity and land-value contribution |
Year 3 steady state
Revenue model: ₹74 lakh a year
Ramp: Year 1 ~55%, Year 2 ~80%, Year 3 onward 100%. Operating cost ₹28 L/yr.
Indicative economics
Returns profile
EBITDA
₹46 L
62% margin
DSCR
1.35x
Min 1.2x for infra lending
Project IRR
14–16%
Rooftop solar 12–15%
Equity IRR
16–20%
Telecom towers 15–18%
Equity payback
6–7 years
Farmer income uplift
40–60%
Indicative. The prototype’s job is to validate them.
The portfolio pathway
From one to many
| Prototype | Year 3 (20 FCs) | Year 5 (100 FCs) | Year 7 (250 FCs) | |
|---|---|---|---|---|
| Farmers served | 150 | 3,000 | 15,000 | 37,500 |
| Agri-PV capacity (MWp) | 0.25 | 5 | 25 | 62.5 |
| BaAV equity deployed (₹ Cr) | 0.74 | 15 | 74 | 185 |
| Total Agri-PV assets (₹ Cr) | 4.2 | 84 | 420 | 1,050 |
| BaAV management fee income (₹ Cr/yr) | 0.05 | 1.0 | 5.0 | 12.5 |
FCs: Franchisee Companies. Indicative portfolio projections.
Two stages of capital
The raise
Level 2 · Scale capital
₹100–200 crore
Year 2–3 growth equity and debt facilities for 20–50 Franchisee Companies.
Infrastructure, with a clear purpose
What this is not
- Not a grant-funded pilot
- Not a solar microgrid company
- Not a solar irrigation scheme
- Not a subsidy-dependent model
- Not a CSR pitch
Invest because the economics work, and the impact is a structural feature of the model.
Figures are indicative projections from BaAV’s August 2026 business brief and are not an offer of securities. Read the full disclaimer
Find terms in the knowledge baseA closer look at the economics