Bharat Credit Pool · Solar PPA SPV
Bharat Credit Pool is the program / segment. Each underlying exposure sits inside its own bankruptcy-remote SPV under the program. This page is the first live SPV — Solar PPA Receivables: 25-year PPAs with state DISCOMs and C&I off-takers (SECI-backed where applicable), tokenised into three secured debt tranches. Debt is offered to retail as Priority Income Notes (BCP-SOLAR-SR). Strategic equity sits above as first-loss.
Your coupon is paid from the asset's cash flows (receivables, PPA, rent), routed through the SPV waterfall. Target only — returns are not guaranteed and depend on asset performance.
- Coupons depend on the performance of the underlying obligors. Default in a sleeve can reduce or delay distributions.
- Strategic equity sits above as first-loss — its size is asset-dependent (not a fixed 10%) and offered separately as a Private Opportunity, by invitation only. A platform-level Lender-of-Last-Resort reserve sits outside the capital stack as an RBI-style market-crisis liquidity backstop — not a tranche between equity and debt.
- Liquidity is provided through scheduled SCRA-safe windows. Between windows, your position is illiquid by design.
- Token holdings are reconciled with the SEBI-registered RTA. In a dispute, the RTA register prevails.
What actually pays the coupon.
This SPV is 100% backed by Solar PPA receivables. Other exposure types (warehouses, NCDs, data centres) live in their own SPVs under the BCP program — see the pipeline below.
Other SPVs under the program.
Bharat Credit Pool is an umbrella program. Each new asset class is onboarded as its own ring-fenced SPV with its own tokens, trustee and waterfall — no commingling with this SPV's Solar PPA cash flows.
Three tranches. All debt. All secured-or-better.
Strategic equity (above) absorbs first losses. Debt is secured by a first charge on SPV cashflows. Pick the rung that fits your mandate.
Read everything before you subscribe.
Six issuance documents. Four have a pre-baked AI Summary that highlights coupon mechanics, covenants, and risk factors in 90 seconds.
Debt contracts plus LLP partner-rights.
Each debt tranche and the restricted LLP equity class has its own permissioned ERC-3643 register. The SEBI-registered RTA remains the legal register of truth; on-chain balances reconcile to it on every settlement.
The SEBI-registered RTA's statutory register is the source of truth; the on-chain registry mirrors it and reconciles at each sync.
Frequently asked.
Selling a ₹50 L flat takes 3–6 months. Exiting ₹50,000 in LiquiCo tokens: a scheduled liquidity window, 0.5% fee, settled same-day to a whitelisted buyer.