United Solar Polysilicon
Oman / Government of Oman / IFC-backed
US$20 Mn
05 · Investor Relations
Infrastructure for India's next upstream manufacturing platforms.
Phase I is a 6 GW N-Type ingot and wafer manufacturing platform, semiconductor ingot and wafer pilot line and pilot AI Neocloud Center at MIDC Additional Butibori, Nagpur, designed as the first stage of a broader integrated campus.
Selected indicators
Project IRR
0.00%
With Maharashtra Govt incentives
Equity IRR
0.00%
With incentives · phased drawdown
Min. Gross DSCR
0.00×
FY30 · average 3.89×
Total Project Cost
₹0 Cr
US$504.5 Mn
Independent Valuation
₹0 Cr
US$699.3 Mn , Pre-construction
Phase I Equity Raise
₹0 Cr
US$172.9 Mn
Phase I project economics
Total Project Cost
₹4,793 Cr
US$504.5 Mn
Phase I Equity
₹1,643 Cr
US$172.9 Mn
Approx. Domestic Term Loan
₹3,150 Cr
Domestic rupee debt
Debt / Equity
1.86:1
Phase I financing structure
Static Payback From DCCO
~6 years
ㅤ
TNW Growth
~9×
FY32 To FY40
65.7% debt · ₹3,150 Cr34.3% equity · ₹1,643 Cr
Figures reflect Phase-I project cost and financing structure as referenced. PowerIn Urja does not present revenue, margin, or profitability projections not provided in source material.
Capital and investor ecosystem
Greenback Capital
Dubai / UAE
US$80 Mn with option to US$100 Mn
Pinnacle (JBM Group Family Office)
Dubai / UAE
US$20 Mn with option to US$35 Mn
Potential New Anchor / Co-investor
To be finalised
US$50–100 Mn
Contemplated capital reflects a range under discussion and should not be read as a closed transaction.
Phase I project cost
Plant & machinery₹2,257 Cr
Electricals & installation₹908 Cr
Civil / shed / site development₹783 Cr
Other hard + soft costs₹845 Cr
Valuation context
Exit multiple sensitivity
Exit Multiple Sensitivity and Investor MOIC
FY32 Proj. EBITDA of US$ 225 Mn; at 10–14x listed peer multiples
US$2,033–2,850 Mn
FY32 Enterprise value at 10–14x
5.0x–7.3x
MOIC on a US$45 Mn ticket
≈12.0x
EV/EBITDA median
Enterprise Value
2,033
2,440
2,847
10x Conservative12x Base14x Upside
MOIC
5.1
6.2
7.3
10x Conservative12x Base14x Upside
Peer EV/EBITDA — basis for the 10–14x range: First Solar 10–13x · Waaree 11.0x · Premier 19.4x · Jinko Solar 9.6x · LONGi 23x
Conservative case still provides 5.1x MOIC at a multiple of 10x
Selected financial projection
| Particulars | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 | FY36 | FY37 | FY38 | FY40 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenue (₹ Cr) | 824.3 | 2,033.3 | 2,618.0 | 2,904.0 | 3,049.2 | 3,201.7 | 3,361.8 | 3,529.8 | 3,706.3 | 3,891.6 | 4,290.5 |
| PBDIT incl. incentives (₹ Cr) | 533.8 | 1,310.8 | 1,697.8 | 1,925.5 | 2,017.6 | 2,114.3 | 2,216.0 | 2,323.1 | 2,435.8 | 2,554.4 | 2,347.0 |
| PAT (₹ Cr) | 163.3 | 507.3 | 812.1 | 1,003.5 | 1,102.7 | 1,204.1 | 1,306.7 | 1,413.4 | 1,523.3 | 1,637.0 | 1,504.5 |
| Gross DSCR | 2.96× | 2.29× | 3.04× | 2.49× | 2.77× | 3.08× | 3.42× | 3.84× | 4.32× | 4.86× | Debt-free |
Source-derived projections from the supplied July 2026 investment materials. They are illustrative, forward-looking and subject to independent diligence.
Anchor investor return matrix
| Investment | Discount | Pre-money | Post-money stake | MOIC @ 8× EBITDA | MOIC @ 12× EBITDA |
|---|---|---|---|---|---|
| US$75 Mn | 50% | US$350 Mn | 17.6% | 4.05× | 6.08× |
| US$100 Mn | 50% | US$350 Mn | 22.2% | 3.82× | 5.74× |
| US$75 Mn | 40% | US$420 Mn | 15.2% | 3.48× | 5.22× |
| US$100 Mn | 40% | US$420 Mn | 19.2% | 3.31× | 4.96× |
Investment case
Capital structure
Phase I equity requirement of ₹1,643 Cr / US$172.9 Mn against total project cost of ₹4,793 Cr / US$504.5 Mn.
Industrial support
Maharashtra incentives include FCI reimbursement, capital subsidy, SGST support, interest subsidy and power-tariff benefits.
Strategic demand
Domestic ingot and wafer manufacturing addresses a structurally import-dependent upstream solar and semiconductor .
Platform optionality
The campus roadmap extends into semiconductor MiniFAB, energy storage, hydrogen, photonics and mechatronics.
Secured Incentive framework
- 01110% FCI fiscal incentives
- 0230% capital subsidy
- 03100% gross SGST refund on finished-product sales
- 04100% SGST reimbursement on plant & machinery
- 054% interest subsidy
- 06₹3 / unit power tariff discount + open-access waiver
- 0730% technical knowhow subsidy, capped at ₹2,000 Cr
- 0850% employer EPF subsidy
- 09100% stamp-duty exemption
- 10100% electricity-duty exemption
- 11MIDC land at pass-through cost
Key risks to diligence
Debt service
Minimum gross DSCR is projected at 2.29× during the ramp-up year, with average DSCR of 3.89× over the loan life.
Equity funding
US$110 Mn of Phase I equity is identified as committed in term sheets, against a total Phase I equity requirement of US$172.9 Mn.
Raw material
A five-year non-Chinese polysilicon supply agreement has been signed with United Solar Polysilicon, backed by the Government of Oman / IFC.
Execution
Our operational partner is the world's second-largest ingot & wafer OEM, with an 8-month CTO-led training programme and knowledge transfer.
FDI and regulatory context
Manufacturing classification
The supplied FDI note classifies PIU's ingot and wafer activity as manufacturing under Paragraph 5.2.5 of the Consolidated FDI Policy, rather than power generation.
Indicative route
The note states that manufacturing is eligible for up to 100% FDI under the automatic route, subject to instrument, pricing, reporting and beneficial-ownership checks.
Compliance checkpoints
The note highlights compulsorily convertible instruments where applicable, Rule 21 valuation, Form FC-GPR reporting through an AD bank, and investor ownership screening.
Policy tailwinds
ALMM List-III
Domestic wafer sourcing requirement from June 2028, subject to applicable rules.
PLI
Production-Linked Incentive support for high-efficiency solar PV modules through MNRE schemes.
Maharashtra Incentives
Project-specific industrial incentives subject to applicable scheme and MoU conditions.
India Semiconductor Mission
Future strategic optionality; not currently part of Phase I.
Policy frameworks and eligibility conditions are subject to applicable government rules and may change.
FDI / regulatory position
100%
FDI permitted
Automatic Route
Manufacturing
Para 5.2.5
DPIIT FDI Policy
PIU's manufacturing activity qualifies for up to 100% FDI under the automatic route, subject to FEMA/NDI Rules, pricing, reporting and beneficial-ownership requirements.
Investor→
Beneficial Ownership Screening→
Eligible Instrument→
Fair Value Certification→
Share Allotment→
FC-GPR Reporting
Regulatory position based on the cited advisory note and subject to verification at financial close. This is not legal advice.
This Investor Relations page incorporates the PowerIn Urja Investment Memorandum (vf1, July 2026), the PowerIn Urja corporate presentation, the PIUPL Detailed Project Report E (16 July 2026) and the FDI Eligibility Note (v1). The underlying materials are confidential / internal discussion documents, contain forward-looking statements and projections, and state that prospective investors should conduct their own independent diligence. The FDI note is a regulatory-research summary and is not a substitute for advice from qualified Indian legal counsel or an Authorised Dealer bank.