While you are right about the front loading of the tariffs, the maintenance cost of a transmission line is very small as compared to the capital cost → and hence the tariff quoted by the bidder. Nevertheless , the maintenance cost is potential source of cash leakage in this debt product. Indigrid assets are operational for some time now, and we should check 1. Whats is the trend in the cost operations / maintenance of each SPV. 2. The maintenance contract are given to third party contractors or the developer itslef.
Secondly , the model is very sensitive to Interest rates. Reset of Interest rate can affect the distributable cash significantly.
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