Supporting a Solar Lending Business Building From Zero
Client: TW.O Capital, India
Team background: IIT Delhi, INSEAD, Ex-McKinsey, Shell, Renew Power, KKR, British Petroleum
Engagement: 8+ months (ongoing)
Segment: C&I rooftop solar financing (lease and loan)
About the Client
TW.O Capital is an NBFC (Non-Banking Financial Company) entering the solar energy market in India. The founding team comes from IIT Delhi, INSEAD, McKinsey, Shell, KKR, Renew Power, and British Petroleum. They have deep finance expertise. They had zero solar industry experience.
The Challenge
TW.O Capital wanted to build a solar lending business offering both lease and loan products for C&I rooftop projects. They had the capital and the finance knowledge. But they didn’t know how the solar industry works on the ground.
They needed answers to basic but critical questions. How do you evaluate a solar project for financing? Which EPC companies are trustworthy? What documentation do you need from a customer, an EPC, and internally? How do you structure contracts? What does a good project look like vs. a risky one? Where do you find deals?
They needed someone who could teach them the solar business and help them build every operational system from scratch.
What We Delivered
Over 8+ months, we built TW.O Capital’s entire solar lending operation. This covered seven areas:
Lending operations strategy and setup. We created the full documentation suite: eligibility criteria for customers, eligibility criteria for EPCs, contract templates, PPA structures, securities frameworks, and collection strategy. We also advised on physical presence requirements and post-NBFC license planning.
EPC partner network. We identified, evaluated, and introduced 70-80 EPC companies across India. We built an EPC onboarding framework with evaluation forms, screening criteria, and engagement strategy. We mapped EPCs by region, size, and operational profile so TW.O could build relationships systematically.
Product development. We refined TW.O’s solar product outline document. We helped structure their lease and loan offerings with the right terms, interest rate structures, and guarantees for the C&I segment.
Cluster strategy. We identified the right geographic clusters for market entry. We mapped local partners in each cluster and built a penetration strategy.
Deal origination and lead generation. We connected TW.O with customer leads for new deals. We introduced them to EPCs with large deal volumes. We helped build a pipeline so deals started flowing to their desk.
Technical underwriting. We evaluated projects that came in for financing. We checked feasibility, system design quality, pricing, and vendor credibility. We also did quality assurance on projects that were approved and disbursed.
Hiring support. We helped TW.O find the right candidates for their solar team. We supported the interview and evaluation process to make sure they hired people who understood the industry.
By the Numbers
EPC companies introduced
Planned monthly disbursement rate
Monthly project pipeline
Engagement duration
Operational systems built
70-80 across India
INR 5 Cr+ per monthÂ
INR 50 Cr+ worth of projects evaluated
8+ months, ongoing
Lending ops, EPC onboarding, underwriting, documentation, hiring
Result
TW.O Capital entered the solar market with very less industry knowledge. Eight months later, they have a functioning lending operation, a growing portfolio of C&I rooftop projects, strong EPC relationships across India, and a team that can evaluate and finance deals independently.
This is one of the projects I am most proud of. Watching a team go from “we don’t know much about solar” to confidently financing projects every month is exactly the kind of work Solar Buyer exists to do.
