Case study · Power Sector Valuation
Four agri-solar portfolios of 53 to 71 MW across rural Maharashtra
Valuation and monitoring for a public-sector bank of four solar developers' portfolios under Maharashtra's Mukhyamantri Saur Krushi Vahini Yojana 2.0 — each spread over leasehold and freehold parcels in several talukas.
Client
Four solar developers
Service
Valuation and monitoring for the lender
Sector
Power plants — distributed solar under a state agricultural-feeder scheme
Asset
Four portfolios of ground-mounted solar plants, 53 to 71 MW (AC) each, on leasehold and freehold land
Location
Nashik, Ahilyanagar, Chhatrapati Sambhajinagar, Nagpur, Yavatmal and Gadchiroli districts, Maharashtra
Appointed by
A public-sector bank's commercial branch
Period
2025 to 2026
Scale
Project cost between Rs 275 crore and Rs 400 crore per portfolio
01 · The assignment
What was asked
Under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, Maharashtra procures solar power for agricultural feeders from plants built close to the substations they serve. A developer's "project" is therefore not one site but a portfolio of small plants, each of a few megawatts, on parcels leased or bought village by village.
A public-sector bank financing four such developers appointed us to value the portfolios and monitor their build-out. Together the four mandates cover around 230 MW (AC) across six districts.
02 · What we did
How the work ran
- 01Land: title and tenure review for every parcel — leasehold from farmers or gram panchayats and freehold purchases — with each parcel valued on its own evidence and the lease terms reflected in the asset's value to the lender.
- 02Plant: capacity, module and inverter make, mounting, evacuation to the designated substation and the power purchase arrangement for each site, with the per-megawatt cost checked against the sanctioned project cost.
- 03Monitoring: site visits across the districts at each disbursement stage, reporting progress and fund utilisation portfolio by portfolio rather than site by site, so the bank sees exposure the way it was sanctioned.
03 · Technical considerations
What mattered for this asset
Distributed portfolios multiply the land work: tens of parcels per developer, many of them leasehold, each needing its own title check and valuation basis.
Scheme tariffs and the substation connection are fixed per site; a parcel that cannot evacuate to its designated substation has little value as a solar site, so the evacuation study is part of the land due diligence.
Monitoring effort scales with the number of sites, not the megawatts; the visit programme has to be planned around the construction sequence the developer actually follows.
04 · Outcome
What the record shows
The four portfolios are recorded in our assignment register submitted to the bank in September 2026 as valuation and monitoring mandates in progress during 2025 and 2026.
They sit alongside six solar TEV studies for the same bank's Pune commercial branch in 2026, which is why solar now has its own place on our Power Sector page.
Client: four solar developers (not named). Dates and scope are as recorded in our assignment registers; amounts are rounded bands and lender branches are not identified.
Who does the work
Our team for this service
The registered valuers and engineers who work on power sector valuation assignments like this one.
Sharadkumar B. Chalikwar
Chairman & Managing Director
IBBI — Land & BuildingIncome Tax — Land & Building, Plant & MachineryIOV — Land & BuildingIIV — Plant & MachineryPVAI — Land & BuildingChartered Engineer (India) — The Institution of Engineers (India)Fellow — The Institution of Engineers (India)
Manoj B. Chalikwar
Joint Managing Director
IBBI — Land & Building, Plant & MachineryIncome Tax — Land & Building, Plant & MachineryIIV — Land & Building, Plant & MachineryPVAI — Land & BuildingIIV-RVF — Plant & MachineryChartered Engineer (India) — The Institution of Engineers (India)Licensed Structural Engineer — Maharashtra (UDCPR) — Directorate of Town Planning, Government of MaharashtraMember — The Institution of Engineers (India)
Umang A. Patel
Director
IBBI — Land & Building, Plant & MachineryIncome Tax — Land & Building, Plant & MachineryIIV — Land & Building, Plant & MachineryIIV-RVF — Land & Building, Plant & MachineryChartered Engineer (India) — The Institution of Engineers (India)Associate Member — The Institution of Engineers (India)
Avinash Pandey
Regional Head, Thane
IBBI — Plant & MachineryIncome Tax — Plant & MachineryIIV-RVF — Plant & MachineryChartered Engineer (India) — The Institution of Engineers (India)Member — The Institution of Engineers (India)
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