Fund gross IRR
17.25%
8-year hold · gross of fees
LP MOIC
2.30×
post GP carry · net return
Fund AUM
$100M
target close · LP $99.5M
Annual investment vs requirement
USD Billion · IEA WEO 2025 · IEEFA 2025
India electricity demand — actual & projected
Billion Units (BU) · CEA National Electricity Plan 2023 · MoP 2025
India installed power capacity mix
Thermal still dominates at 56% · CEA Mar 2026
56%
THERMAL
Coal + Gas
56%
Solar
20%
Wind
10%
Hydro + Nuclear + Other RE
14%
India's installed capacity is 950 GW — but 56% remains thermal. Every GW of RE added directly displaces an equivalent thermal unit, reducing emissions, import costs and grid fragility.
Climate impact — India
World's 3rd largest emitter · 2.9 Gt CO₂ annually · IEA 2025
2M+
premature deaths / yr from air pollution
World Bank 2024
70%
of GHG emissions from energy sector
CCPI 2024
4.2Mt
CO₂ displaced annually by this fund
Fund model · 2,800 MW
900K
cars off the road equivalent / year
EPA equivalency
India is ranked 7th most climate-vulnerable nation globally. The economic cost of inaction far exceeds the cost of transition. This fund invests at the intersection of financial return and existential necessity.
88%
crude oil imported
Every RE MW commissioned is a barrel of imported crude India never has to buy. Source: MoPNG 2025
₹1.8L
Crore coal import bill
Annual structural drain on current account. RE capacity eliminates this dependency over time. Source: Coal India 2025
7%
GDP growth requiring power
India's economy demands 80 GW of new capacity annually. Clean energy is the only cost-competitive answer at this scale. Source: RBI 2025
VectorGrid is built as a futuristic energy-transition fund, not a single-technology RE vehicle. The traditional renewables base — solar, wind and hybrid IPPs with 25-year PPAs — anchors stable, contracted cash flow. On top of that anchor, we deploy capital into the technologies that will define India's next energy decade: EV ecosystems, green hydrogen, advanced cleantech manufacturing, next-generation nuclear, and innovation at the edge of commercialisation.
01 — Anchored in proven cash flows
The fund's core is deployed into operating or near-operating solar, wind and hybrid projects with 25-year fixed-tariff PPAs and government-backed offtakers. Predictable, contracted revenue is the foundation — deep and reliable enough to underwrite the rest of the mandate.
02 — Forward-leaning across the stack
We are not just a renewables fund. A material allocation is reserved for innovation: EV charging & battery ecosystems, green hydrogen, advanced cleantech manufacturing, next-generation nuclear (SMRs), and other technologies on a credible scale pathway. The stable RE base gives us the room to back what comes next.
03 — Policy as tailwind, not dependency
VGF, ISTS waivers, PLI, hydrogen mission, nuclear PSE reform — every one of these tailwinds improves our returns. None of them are required for our base case to work. If they materialise, they are upside. If they don't, our projects still work.
04 — Risk is managed, not avoided
DISCOM credit, grid curtailment, ALMM inflation, DSM penalties, technology adoption risk on innovation plays — we have read every audit report, every CERC order, every IEEFA brief. The same discipline applies to a Y1 solar IPP and to a Y3 hydrogen or nuclear bet.
05 — Returns and the future are the same line
17.25% gross IRR. 4.2Mt CO₂ avoided annually. 2,800 MW of clean power, plus exposure to the technologies that will displace the next 100 GW. We don't choose between financial return and shaping India's future energy economy — they are the same objective.
Core — proven revenue assets
The anchor of the fund is deployed into operating or near-operating RE projects — solar, wind and hybrid — with existing PPAs, government-backed offtakers and demonstrated revenue history. We buy proven cash flows where construction risk is eliminated and tariff certainty is locked for 25 years.
Solar IPP
Wind farms
Hybrid FDRE
25yr PPAs
Futuristic — innovation & next-gen clean tech
A dedicated sleeve targets the technologies that will define the next decade of India's energy transition — EV ecosystems, green hydrogen, advanced cleantech manufacturing, next-generation nuclear (SMRs) and other innovation plays. We invest only where pilot revenue exists and a credible scale pathway is visible.
EV & charging
Green H₂
Cleantech mfg
Next-gen nuclear
Innovation
The people behind the fund
Sayan Deb
LinkedIn ↗
Sayan brings to this fund a career built at the intersection of policy systems, sustainable finance and projects spanning utility-scale infrastructure to grassroots systems. Trained as an RTPI-licensed practitioner with a BSc in Environmental Sciences from the University of Arizona and an MSc in Sustainability Planning and Environmental Policy from Cardiff University, his work has spanned renewable energy infrastructure development, power trading in merchant markets, utility scale asset management, ESG and impact standardisation across India, Africa, the USA and the UK. As Director of CECL and Okaga Renewables, he has been involved in over 1 GW of RE projects. He has also contributed to organisations including World Resources Institute, HALO.eco, CWRE Group and The Sustainable Network in the UK, each representing a different dimension of how policy, projects and capital interact across markets.
Career highlights
Founding Member — HALO.eco
Programmes & Partnerships — CWRE Group
ADB Listed Renewable Energy Consultant
Affiliations
Shaurya Garg
LinkedIn ↗
Shaurya's career has been defined by building and operating capital structures in India's private markets from the ground up. He founded Spectra Capital Fund I (a SEBI Category II AIF), raising over ₹500 Cr across equity and debt, and through Spectra7 Holdings built an India-focused platform spanning public market advisory, capital markets, asset management and multi-family office operations. His directorship of a quasi-government wind energy joint venture in central India gave him rare ground-level operating experience in Indian renewable infrastructure, the kind that cannot be learned from a term sheet. As an early investor in over 40 startups, he has lived every phase of capital formation and deployment in the Indian context. He holds a PGDM in International Business from BIMTECH and an Executive Programme in Investment Banking from IIM Calcutta.
Career highlights
MD — Spectra7 Holdings (ADGM, UAE)
Founder — Spectra Capital Fund I (SEBI Cat II AIF)
Director — Wind Energy JV (Govt. of India) · ITC Hotels · AGCO Corp
Affiliations
Shaun Blake
LinkedIn ↗
Shaun's career spans over two decades at the highest levels of global institutional finance. As a Director at Goldman Sachs UK and subsequently Director at Merrill Lynch UK, he built and ran cross-border M&A and capital markets franchises across EMEA, the Americas and Asia-Pacific. His tenure as Head of M&A at Barclays placed him at the centre of one of the most active deal books in UK investment banking, structuring transactions that shaped how institutional capital moved between markets across multiple economic cycles. That depth of experience (across geographies, asset classes and market conditions) is what he brings to bear on this fund's capital strategy. He joined because he believes the infrastructure financing gap in India is one of the most important, and most solvable, capital deployment problems of this decade.
Career highlights
Director — Goldman Sachs UK
Director — Merrill Lynch UK
Head of M&A — Barclays (global market build-outs)
Affiliations
Fund economics
| Fund structure | Close-ended · SEBI Cat II AIF |
| Fund size | $100M + $20M greenshoe |
| No. of investments | 13++ |
| Setup fee | 0.125% one-time |
| Hurdle rate | 8% |
| Fund tenor | 10 + 1 + 1 years |
| Management fee | $250k–$500k: 1.50% $500k–$1M: 1.25% >$1M: 1.00% |
| GP carry | $250k–$500k: 18.0% $500k–$1M: 16.5% >$1M: 15.0% |
Return waterfall
| Scenario | Exit | IRR | MOIC | LP profit | Prob. |
|---|---|---|---|---|---|
| Bull | 8.0× | 22.1% | 2.85× | $129M | 35% |
| Base | 7.0× | 17.25% | 2.30× | $91.2M | 45% |
| Bear | 6.0× | 12.1% | 1.72× | $59.1M | 20% |
| PW-IRR | 17.92% (22.1×0.35)+(17.25×0.45)+(12.1×0.20) | ||||
Market validation
Bull
Adani Green currently trades at ~20× TTM EV/EBITDA — listed RE-pure-play premium. Foreign infra funds bidding 8–9× for quality solar IPPs with 25-yr PPAs. Alpha Spread · Bloomberg 2026
Bull
NTPC Green Energy trades at ~45× EV/EBITDA (mkt cap ₹89,277 Cr · EV ₹1.14L Cr) — PSU-backed RE pure-play commands extreme premium for sovereign-quality offtake. Tijori Finance · Apr 2026
Base
Normalised solar IPP transactions at 6.5–8× EBITDA. NIIF, Macquarie and Actis target 16–18% gross IRR on India RE — 7× is conservative. JMK Research 2025 · NIIF AR
Bear
Below all observed transactions yet still 12.1% IRR and 1.72× MOIC. Fixed 25-yr PPAs and 8% hurdle provide structural downside floor. IEEFA 2025 · Bridge to India
Total inflows
$238M
dividends + exits over 10-year fund life
Dividends
$89.6M
FY2027–FY2036
Exits
$147.9M
FY2035–FY2037
Profit pool
$156M
total inflows minus $82.0M deployed capital
GP carry
$16.1M
15% above hurdle
LP share
$91.2M
85% above hurdle
LP payout
$221.4M
capital back + profit · 2.30× on $96.9M committed
Capital returned
$82.0M
original investment
Net profit
$91.2M
LP net of carry
LP / GP profit split (avg)
Capital deployment
Fund net cash flows — USD by year (2026–2036)
Investment outflow
Dividend income
Exit proceeds
Annual cash flows detail — USD
Expand to bankable detail ↓
| Line item | FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 | FY2032 | FY2033 | FY2034 | FY2035 | FY2036 | FY2037 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment outflow | ($15.0M) | ($45.1M) | ($21.9M) | — | — | — | — | — | — | — | — | — |
| Dividend income | — | $2.9M | $10.1M | $10.7M | $9.1M | $9.8M | $10.4M | $11.0M | $11.6M | $10.0M | $3.9M | — |
| ↳ reinvested (Y2/Y3 deployment) | — | ($2.9M) | ($10.1M) | — | — | — | — | — | — | — | — | — |
| Exit proceeds | — | — | — | — | — | — | — | — | — | $25.8M | $78.3M | $43.9M |
| Net fund CF | ($15.0M) | ($42.3M) | ($11.8M) | $10.7M | $9.1M | $9.8M | $10.4M | $11.0M | $11.6M | $35.8M | $82.2M | $43.9M |
All figures USD at ₹96/USD. FY2027–FY2028 dividends are reinvested into active Y2/Y3 project deployments, reducing net outflows. Exits across 3 years: P1–P3 FY2035 ($25.8M) · P4–P10 FY2036 ($78.3M) · P11–P13 FY2037 ($43.9M). Source: Fund Sheet model.
Total portfolio MW
2,800 MW
P1–P10 solar · P11–P13 solar+wind
Avg project IRR
18.5%
range: 16.3% (P1) to 22.2% (P13)
Portfolio DSCR (min)
1.23×
P1 year-2 worst case · all projects ≥1.23×
Total asset base
$1.09B
fund owns 25% equity in each project
13-project portfolio — exact model outputs
| Project | MW | Type | Total cost | Fund equity | Deploy yr | 8-yr IRR | MOIC | Y8 EBITDA | Net exit | DSCR min |
|---|---|---|---|---|---|---|---|---|---|---|
| P1 | 100 | Solar | $36.5M | $2.74M | Y1 | 16.31% | 1.57× | $4.44M | $18.0M | 1.23× |
| P2 | 250 | Solar | $91.1M | $6.83M | Y1 | 17.96% | 1.77× | $11.5M | $47.6M | 1.26× |
| P3 | 200 | Solar | $72.9M | $5.47M | Y1 | 17.69% | 1.74× | $9.12M | $37.7M | 1.26× |
| P4 | 125 | Solar | $45.6M | $3.42M | Y2 | 16.87% | 1.64× | $5.60M | $22.9M | 1.24× |
| P5 | 150 | Solar | $54.7M | $4.10M | Y2 | 17.23% | 1.68× | $6.78M | $27.8M | 1.25× |
| P6 | 225 | Solar | $82.0M | $6.16M | Y2 | 17.84% | 1.75× | $10.3M | $42.6M | 1.26× |
| P7 | 200 | Solar | $72.9M | $5.47M | Y2 | 17.69% | 1.74× | $9.12M | $37.7M | 1.26× |
| P8 | 150 | Solar | $54.7M | $4.10M | Y2 | 17.23% | 1.68× | $6.78M | $27.8M | 1.25× |
| P9 | 450 | Solar | $164M | $12.3M | Y2 | 18.44% | 1.83× | $20.8M | $87.0M | 1.27× |
| P10 | 350 | Solar | $128M | $9.57M | Y2 | 18.27% | 1.81× | $16.2M | $67.3M | 1.27× |
| P11 | 100 | Solar+Wind | $58.3M | $4.38M | Y3 | 21.27% | 2.21× | $7.91M | $34.4M | 1.33× |
| P12 | 150 | Solar+Wind | $87.5M | $6.56M | Y3 | 21.79% | 2.28× | $12.0M | $52.4M | 1.34× |
| P13 | 250 | Solar+Wind | $146M | $10.9M | Y3 | 22.20% | 2.33× | $20.2M | $88.6M | 1.35× |
| Total | 2,800 | $1.09B | $82.0M | ~18.5% | — | $139M | $592M | 1.23–1.35× |
P11–P13 are solar+wind hybrids with higher CUF (35% vs 22% solar) driving superior IRRs of 21–22%. All projects: ₹3.10/kWh fixed 25-yr tariff (INR) · 70/30 D/E · 9% debt · 7× EBITDA exit · 25% fund equity stake. IRRs extracted directly from model; minor differences vs prior summary corrected.
Portfolio Simulator
Capital allocation — % of $82M fund equity
100% allocated · $82.0M
Solar allocation
90%
$73.8M · 2,699 MW
0%100% of fund
Wind allocation
10%
$8.2M · 140 MW
0%100% of fund
BESS allocation
0%
$0M · 0 MWh
0%100% of fund
Fund IRR
17.25%
90% Solar / 10% Wind
LP MOIC
2.30×
on $96.9M committed
LP net profit
$92.6M
after GP carry $13.9M
Intelligence Engine
How policy signals create risks, opportunities and financing gaps — sourced, linked, and fund-relevant
Opportunity
Risk
Gap
Policy signal
Each row is a causal chain: a policy or market condition (left) drives a logical outcome (centre) which resolves as an opportunity, risk, or gap for this fund (right). Every item is sourced.
India renewable capacity addition 2021–2026 & 2030 targets
Solid lines show actual installed capacity 2021–2026. Dashed lines project the required trajectory to reach GoI 2030 targets. Labels show current capacity (2026), target capacity (2030), and the gap that must be bridged. Sources: MNRE · IRENA 2026 · CEA · MoP.
Solar
150 GW installed
→ 280 GW target
▲ 130 GW shortfall to 2030
Wind
56 GW installed
→ 100 GW target
▲ 44 GW shortfall to 2030
BESS
~1 GW installed
→ 47 GW target
▲ 46 GW shortfall to 2030
Investment opportunities
Technology cost benchmarks — India 2024–25
| Technology | Capex | LCOE / tariff | CUF | Source |
|---|---|---|---|---|
| Utility solar PV | ₹2.90–3.50 Cr/MW | ₹2.56–3.10/kWh | 22% | BNEF · CERC SECI XIII |
| Onshore wind | ₹7.20–8.00 Cr/MW | ₹3.67–3.97/kWh | 25% | CRISIL May 2024 · SECI XVIII–XIX |
| Solar+Wind hybrid | Blended | ₹3.25–4.73/kWh | 30–35% | CERC SECI Tranche VI, VIII, IX |
| BESS co-located (LFP) | ₹6 Cr/MWh | ₹2.10–2.80/kWh | ~350 cycles/yr | SECI Jul 2024 · MoP Dec 2025 |
| Solar+BESS (FDRE/RTC) | Blended | ₹3.41–5.07/kWh | 40%+ | CERC SECI RTC-IV Nov 2025 |
Governance Engine
Select any policy to see linked risks, opportunities, IRR impact and fund-level mitigation frameworks. Built for deployment decisions and risk governance.
TAILWIND
HEADWIND
REGULATORY
STATE
⬅
Select a policy to analyse
🛡
Risks & mitigations appear here
VectorGrid Ventures — Energy Transition Fund I · Model FY2026
Confidential — LP use only