Industries
E-bus manufacturing, operations and charging infrastructure. 8 EV and charging SPVs across 6 lender mandates.
Sector overview
Electric buses procured under gross-cost contracts, charging and depot infrastructure, and fleet special-purpose vehicles are a new asset class for Indian lenders, with no operating history to benchmark against. Kakode & Associates has completed techno-economic viability studies and monitoring for eight EV and charging SPVs across six lender mandates, with a cumulative project cost above ₹5,000 crore.
Each study is built from the contract outward: the availability and kilometre commitments the transit authority is buying, the penalty regime, the battery warranty and its conditions, depot and charger construction, and the sponsor’s ability to run the fleet at the uptime the payment mechanism assumes. Our engineers verify the vehicle, battery and charger specifications against the tender and the supply contract.
Industry challenges
The battery is a third or more of the vehicle cost and will need replacement inside a typical loan tenor. We model degradation, warranty conditions and replacement capex explicitly rather than assuming the pack lasts the contract.
Gross-cost contracts pay for kilometres and availability, and deduct for every shortfall. We read the concession and model revenue on the penalty regime the operator will actually face.
Chargers, transformers and depot civil works have no established resale market. We value them on cost, condition and contract-specific usefulness, and say so in the report.
Scheduled kilometres, dead mileage, charging windows and vehicle-to-route allocation decide whether the fleet earns its full payment. We test the operating plan against the schedule the authority has issued.
Our solutions
Viability studies for e-bus fleets, charging networks and depot infrastructure under gross-cost and other concession structures.
Learn moreVerification of vehicle delivery, depot and charger construction, and disbursement against milestones.
Learn moreValuation of vehicles, batteries, chargers and depot assets for security creation, refinancing and resolution.
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