Q1. You’ve worked extensively in project finance and structured deals across sectors — could you briefly outline how your responsibilities evolved as you moved into senior project development and financing roles?

It started out from making Financial Models & Proposal Notes for sanction, then it moved on to negotiating terms of sanction with both Clients and internal teams (Credit, Risk & Compliance). Finally culminating into managing teams, presenting proposals to sanctioning committees and Business Development.

Q2. With India’s infrastructure financing gap projected to remain large, how do blended finance structures and institutional capital participation influence the way you structure deals and evaluate financial viability? 

Infrastructure is a long term game, anybody who wants to invest money either by way of Lending or Equity participation needs to have long term vision, although there will be short term challenges/risks but ultimately rewards in long term will out strip these challenges. 

Q3. ESG criteria are increasingly embedded into credit evaluation and investor due diligence. How are you incorporating environmental and social risk assessments into financial models and bid structuring?

As far as Financial models are concerned, there is specific amount allocated for the same. The same is captured in Terms of sanction and its an ongoing monitoring issue which needs to be tracked at regular intervals.

Q4. Renewable energy projects are attracting significant capital, but tariff and grid-integration risks remain. When modelling renewables and hybrid infrastructure bids, what assumptions or stress tests do you find most critical?

Usually financials models are built and scenario analysis does explore less than perfect scenarios like lesser Grid availability throughout the year and if tariff is reduced from current rate etc.

Q5. Hybrid PPP models like HAM and social-infrastructure projects often include viability gap funding or performance-linked payments. What approaches do you use in your financial models to stress-test these elements under downside scenarios?

Financial models are built on conservative side (for debt lending) taking into account delay in VGF being received and then it naturally flows into terms of sanction which ensures that project gets completed in defined timelines by using available debt & equity for completion.

Q6. Credit-enhancement mechanisms and risk-sharing facilities are becoming key to improving bankability. How do you assess the trade-offs between cost of capital and the use of such instruments when pitching to lenders or investors? 

Longer tenor funding, complete or near perfect revenue modelling ( mitigating generation loss by design or having additional spare parts in Inventory to reduce lead time , insurance etc), O&M of the project with reputed agencies which guarantee generation or less than 2-3% downtime in a year etc.

Q7. If you were advising senior leadership or prospective investors on where to prioritise capital allocation over the next 5–7 years in India’s infrastructure landscape, which sub-segments or project characteristics would you emphasise for sustained returns? 

The project should have the following: 

• Strong Promoter
• Reputable Concessioning Authority  
• Consumer-facing