The two things that actually gate a solar project.
Not modules, and not money. Land with clean title, and a place in the grid queue — both take longer than the build itself, and both sit inside our own team.
The two things that actually gate a solar project.
Aggregated, cleaned and registered
We identify and negotiate parcel by parcel with individual landowners, bring every legal heir on record, obtain restricted-category permissions, and drive agricultural-to-industrial conversion. Thirty-year encumbrance certificates and independent title verification come before any significant payment is released.
Connectivity, not a queue ticket
Substation selection, pre-feasibility, the full connectivity application chain through the state nodal agency and transmission utility, right-of-way survey with alternates, and the final connectivity agreement. We site the plant within a few kilometres of the substation we have applied to — the shortest line is the one that gets built.
Group captive, built to survive audit
Group captive only works if it keeps working: captive users holding at least 26% of the generating entity and consuming at least 51% of annual generation, every year, for the life of the contract. We structure the SPV, the shareholding and the consumption profile so the test holds in year twelve, not just at signing.
Whichever side you don't want
You fund it and own it. We fund it and sell you power. Or we own it together and you take the captive benefit. Project finance, subordinated promoter capital and debt service reserves are arranged around the structure — the engineering does not change, only the balance sheet it sits on.
Where we develop the site ourselves — as at our solar parks — the land, the evacuation infrastructure, the pooling substation and the transmission line are ours to build and ours to answer for. That is infrastructure development, and it is the part of this business that cannot be bought in.
Most of it is not the solar.
A park is an infrastructure project that happens to generate electricity. The modules are the last and least difficult thing to arrive.
Before a single module ships
Land assembled parcel by parcel and registered clean. Connectivity applied for and granted. Right of way secured across whoever sits between you and the substation. Only then does anything look like a solar project.
- Thirty-year title search and independent legal verification
- Agricultural-to-industrial conversion and panchayat clearances
- Connectivity through the state nodal agency and transmission utility
- Route survey with alternates, because one landowner can stop a line
And the evacuation is ours to build
Generating the power is pointless if it cannot leave. At our parks the internal network, the pooling substation and the transmission line to the grid are all built by us and answered for by us — fourteen kilometres of it at Chitrakoot alone.
- Internal collection network and pooling substation
- Transmission line to the interconnection point
- Metering, protection and synchronisation with the utility
- Connection agreement held with the state transmission company
Two numbers decide whether you keep the saving.
Group captive is what lets a consumer avoid cross-subsidy surcharge and additional surcharge on open-access power. It rests on a test in the Electricity Rules, 2005 — and the test is applied every year, not once at signing.
Surcharges come back, retrospectively in some states. The saving that justified the project can be clawed back years later.
Consumption changes. A line shuts, a shift pattern moves, a group entity is restructured — and the 51% quietly stops holding.
We size generation against your real consumption profile and structure the shareholding so both tests survive year twelve, not just year one.
Thresholds are set by the Electricity Act 2003 and Electricity Rules 2005; state commissions apply them through their own open-access regulations. Eligibility is confirmed against the applicable SERC order before we quote.
Would you actually clear the group captive test?
Two thresholds, both applied every year for the life of the contract. Most projects fail on the second one, and they fail quietly — years later, when consumption has drifted.
Equity: at least 26%
Captive users must together hold not less than 26% of the ownership of the generating company.
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Consumption: at least 51%
Captive users must consume not less than 51% of the electricity generated, determined on an annual basis.
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A plant sized to your consumption today fails the moment a line shuts, a shift pattern changes, or the group restructures. The test does not care why.
Cross-subsidy surcharge and additional surcharge come back — and in some states retrospectively, which can claw back the saving that justified the project.
Against your real consumption profile with headroom, not against your roof or the capacity somebody wants to sell you.
Thresholds are set by the Electricity Act 2003 and the Electricity Rules 2005; state commissions apply them through their own open access regulations, and the detail of how generation and consumption are measured varies. Generation is estimated here at 1,350 kWh per kWp per year on a P90 basis. This is a directional check, not an eligibility opinion — we confirm the position against the applicable SERC order before quoting. These figures are illustrative. Actual sizing, savings and payback depend on a detailed site and tariff analysis by Vibgyor’s engineering and commercial teams.
Solar parks, storage, and plants on our own balance sheet.
Where the site is ours, so is everything on it — the land, the evacuation infrastructure, the pooling substation, the transmission line and the plant. These are the assets that make the rest of the platform work.
Chamu Solar Park
15 MW AC across 55 acres — among India's early integrated C&I solar-plus-storage builds.
Chitrakoot Solar Park
In development, commissioning targeted March 2027 with supply from April 2027. Evacuation at Shankargarh substation under a connection agreement with the state transmission utility, with line and pooling infrastructure built by us.
ATL — Amperex Technology
A global battery manufacturer buying power from a plant we financed, own and operate on their roof.
Supa — storage engineered
Shifting midday surplus into the evening peak — the answer to banking restrictions rather than a workaround for them.
Maharashtra now mandates co-located storage for new C&I solar above 100 kW. Where banking windows tighten, a battery is what replaces the service the grid used to provide for free — and we engineer every plant storage-ready whether or not the battery ships on day one.
Send us twelve months of bills.
We size every proposal from your actual consumption — not a rule of thumb. The analysis, site survey and techno-commercial proposal come back free, with no commitment.