PM-KUSUM: Sahaj Solar Gets ₹125 Cr Loan from IREDA For Solar Projects Across Four States

Gujarat-based Sahaj Solar has entered into a Loan Agreement with the Indian Renewable Energy Development Agency Limited (IREDA) to avail a ₹125 crore medium-term loan on December 18, 2025. Sahaj Solar said in a regulatory filing that it will use the facility to execute 15,000 solar pumps under PM-KUSUM Components B and C, as well as 300 off-grid SPV plant projects in Gujarat, Maharashtra, Rajasthan, and Punjab.

The company is expected to repay the loan in 12 structured monthly instalments, with monthly interest payments starting from July 31, 2026, after a grace period of six months. Sahaj Solar will use the facility to execute 15,000 solar pumps under PM-KUSUM Components B and C for ₹125 crore, and to provide 300 off-grid SPV plant projects in Gujarat, Maharashtra, Rajasthan, and Punjab.

IREDA has ensured that almost all assets, cash flows, contracts, approvals, and even the promoter’s personal guarantee are pledged, so its ₹125 crore loan is fully protected while Sahaj Solar executes PM-KUSUM solar projects across four states.

Significance of the Agreement

Under the agreement, the company secured a BG/FDR equivalent to 5% of the loan amount. It has also provided a second charge by way of mortgage (equitable/registered) over all the immovable properties of the borrower related to the project, both present and future. In the case of leasehold immovable properties, this includes the mortgage/assignment of leasehold rights over such properties.

The tenure of the facility is 18 months, at an interest rate of 10.90%, calculated as the highest rate in the solar sector plus 150 basis points (9.65% + 1.5%), minus a 25 bps rebate for PM-KUSUM Component B. The interest is chargeable monthly. Additionally, the personal guarantee of the main Promotor, Pramit Brahmbhatt, would be Rs. 295.50 Cr.) 

Project Details

A first charge by way of hypothecation, along with a power of attorney, has been created on the following:

• All the borrower’s movable properties and assets pertaining to the project, including movable plant and machinery, machinery spares, equipment, tools and accessories, furniture, fixtures, vehicles, and all other movable assets, wherever situated, both present and future, excluding current assets.

• All current assets related to the project, including but not limited to book debts, operating cash flows, stock-in-trade and inventory, receivables, commissions, and revenues of the project, of whatsoever nature and whenever arising, both present and future.

• All bank accounts of the borrower relating to the project, including the Escrow Account and sub-accounts (including but not limited to the DSRA), or any reserve accounts created in accordance with the Escrow Agreement and financing documents, along with all funds deposited therein, receivables, permitted investments, letters of credit, debt service reserves, and other reserves, both present and future.

• All rights, title, interest, beneficial interest, claims, and demands of the borrower in:

  • Government approvals, clearances, licences, and permissions related to the project, both present and future, subject to applicable laws;

  • Project documents, including PPAs, user agreements, contracts, insurance policies, insurance proceeds, guarantees, and insurance bonds, both present and future;

  • All intangibles of the borrower, including goodwill, intellectual property rights, undertakings, and uncalled capital, both present and future; and

  • Letters of credit, guarantees, contractor guarantees, liquidated damages, and performance bonds provided by any party to the project documents, both present and future.

Assignment of Rights

Assignment of rights includes title, interest, beneficial interest, claims, and demands of the borrower by way of Indenture of Mortgage (IOM). Other components include Government approvals, clearances, licences, and permissions, both present and future, subject to applicable laws.

The assignment includes project documents, user agreements, and other assignable contracts, both present and future. Insurance policies, including insurance proceeds, guarantees, and insurance bonds, both present and future. 

All intangibles of the borrower, including goodwill, intellectual property rights, undertakings, and uncalled capital, both present and future; and Letters of credit, guarantees, contractor guarantees, liquidated damages, and performance bonds related to the project, both present and future.

However, for companies availing loans up to ₹50 crore, self-captive projects, or MSME borrowers, an undertaking will be provided to create the assignment through an IOM at a later date, subject to submission of ₹20 lakh in the form of BG/FDR to IREDA as a security deposit towards IOM registration costs.