✓ SEBI Phase 1 Compliant  |  Insurance Transparent  |  Fees Disclosed
✓ SEBI Phase 1 Compliant

Full Regulatory Disclosure
SunstoX School Solar NCD

This page contains the complete SEBI Phase 1 compliance disclosure for SunstoX NCD Units — including structure, costs, risk factors, and financial projections. Read this before investing.

₹750
NCD Unit Price
10.66%
Projected IRR p.a.
25 yr
Project Term
₹53.65
Year-1 Net Coupon/Unit
Non
Transferable (Phase 1)
NCD Structure
What Is a SunstoX NCD Unit?

SunstoX NCD Units are non-transferable economic interests in a 25-year rooftop solar Power Purchase Agreement (PPA). Each unit costs ₹750 and entitles the holder to receive a proportional share of the net coupon from electricity generation revenue.

FeatureDetailsStatus
Instrument TypeProject-level NCD Unit (non-tradable lease right)Phase 1
Principal per Unit₹750Fixed
Project Term25 yearsPPA-locked
TransferabilityNon-transferable in Phase 1Illiquid
Coupon StructureMonthly, based on metered kWh generationVariable
Principal Redemption₹750/unit at Year 25 (bullet)Scheduled
Coupon Escalation~3% p.a. (follows PPA escalation, net of degradation)Contractual
Secondary MarketNot available in Phase 1Not available
Full Cost Disclosure
Year-1 Coupon Waterfall — Per NCD Unit

All costs are deducted from gross PPA revenue before your coupon is paid. This is the complete SEBI-mandated cost transparency disclosure.

Gross PPA Revenue
₹96.14
100% generation income
− Insurance Cost
₹3.00
3.1% of gross revenue
− O&M Cost
₹20.26
21.1% of gross revenue
− Platform Fee (20%)
₹19.23
20% of gross revenue
= Net Coupon
₹53.65
₹4.47/month (Year 1)
25-Year Cost Schedule (per NCD Unit)
YearGross RevInsuranceO&MPlatform FeeNet CouponMonthly
Year 1₹96.14₹3.00₹20.26₹19.23₹53.65₹4.47
Year 2₹98.53₹3.09₹20.87₹19.71₹54.87₹4.57
Year 3₹100.98₹3.18₹21.49₹20.20₹56.11₹4.68
Year 5₹106.06₹3.38₹22.80₹21.21₹58.67₹4.89
Year 10₹119.91₹3.91₹26.43₹23.98₹65.58₹5.46
Year 15₹135.57₹4.54₹30.65₹27.11₹73.27₹6.11
Year 20₹153.27₹5.26₹35.53₹30.65₹81.83₹6.82
Year 25₹173.28₹6.10₹41.18₹34.66₹91.34₹7.61

All values in ₹ per NCD Unit. Escalation: 3% p.a. Panel degradation: 0.5% p.a. Platform fee computed on gross revenue.

SEBI Mandatory Disclosure
Risk Factors

All five risk factors below are mandatory SEBI Phase 1 disclosures. SunstoX NCD Units are not capital-protected instruments. Read all risk factors before investing.

1
PPA Tariff Risk
The coupon is dependent on the PPA tariff of ₹5/kWh escalating 3%/yr. Government or DISCOM regulatory changes could affect enforceability. SunstoX PPAs are structured for maximum enforceability under the Electricity Act 2003 and applicable HERC regulations, but are not immune to policy changes.
2
Off-Taker Credit Risk
Coupon payments depend on the school (off-taker) paying the monthly solar tariff. SunstoX conducts credit due diligence on all schools. A DISCOM fallback metering arrangement provides a secondary revenue source. However, sustained default by the school could impact or delay coupon distributions. There is no government guarantee on any payment.
3
System Degradation Risk
Solar panels degrade ~0.5%/yr (factored into projections). Tier-1 panels carry 25-year linear performance warranties. If actual degradation exceeds 0.5%/yr, generation and coupons will be lower than projected. By Year 25, system efficiency is projected at ~88% of original capacity.
4
Liquidity Risk
Phase 1 NCD Units are non-transferable. Early exit is not guaranteed. Investors should treat this as an illiquid, 25-year commitment. SunstoX's Cell Exchange secondary marketplace is under development for future phases but is not operational in Phase 1.
5
Insurance Coverage — Annual Cost ₹3.00/unit (Year 1, escalating 3%/yr)
Coverage: Fire & lightning | Storm & weather | Equipment damage & electrical breakdown | Theft & vandalism — all at 100% replacement value. Insurance covers physical equipment loss only. It does not cover revenue loss from payment delays, grid outages, or regulatory changes. 25-year cumulative insurance cost per unit: ~₹120 (with escalation).
Financial Summary
Investment Metrics — Verified Against SEBI Model

All metrics below are based on the SEBI Phase 1 financial model (Solar_Rooftop_Everlogics_SEBI_Phase1_v1.xlsx) and are projections, not guarantees.

MetricPer NCD Unit (₹750)Per 100 Units (₹75,000)
Year-1 Annual Coupon₹53.65₹5,365
Year-1 Monthly Coupon₹4.47₹447
Projected IRR10.6646% p.a.
Principal Redemption (Year 25)₹750₹75,000
Payback Period (principal recovery)~10 years (from coupons alone)
25-Year Total Coupons~₹1,774~₹1,77,400
Total Return (coupons + principal)~₹2,524~₹2,52,400
MOIC (Total Return / Investment)~3.24× (projected)
Disclaimer: All returns are projected based on contractual PPA tariffs and the assumptions disclosed above. They are NOT guaranteed. Actual returns may be higher or lower depending on system performance, off-taker behaviour, and regulatory conditions. This document does not constitute an offer to sell or a solicitation to buy any security.
Regulatory Status
SEBI Phase 1 Compliance Framework

SunstoX is structured to operate within SEBI Phase 1 guidelines as a non-CIS investment product.

RequirementStatusDetails
All units labelled as "NCD Units" per SEBI guidelines✓ CompliantAll materials use "NCD Unit" terminology
All projections labelled "projected" — no assurance language✓ CompliantAll projections labelled as "projected"
Insurance Cost Disclosed✓ Compliant₹3.00/unit/yr shown in all calculators
Platform Fee Disclosed✓ Compliant20% of gross revenue on all materials
5 Risk Factors Visible✓ CompliantExpandable on main pages + full text here
Non-Transferability Stated✓ CompliantExplicitly stated on all investment materials
SEBI Informal Guidance FilingPendingFiled in Week 1–2; response expected 6–8 weeks
NCD Trustee AppointmentIn ProgressRequired before Phase 1 investor launch