“No CAPEX” Doesn’t Mean “No Due Diligence”
A Risk Checklist Before You Sign Any Solar PPA
No-CAPEX solar PPAs are attractive because they look simple. But a CFO-grade decision requires diligence.
The 5-Point Risk Checklist
- Generation Realism: Ensure yield assumptions reflect local Rajasthan data, not generic averages.
- Roof Rights: Is the landlord NOC robust enough to survive tenant changes?
- Tariff Mechanics: Check escalation terms and "change in law" clauses.
- Uptime SLAs: Are there penalties if the system is down?
- Payment Security: Serious developers will ask for some payment security (LC/BG).