Credit Fair Secures $5 Million for Rooftop Solar Financing
POWER & RENEWABLE ENERGY

Credit Fair Secures $5 Million for Rooftop Solar Financing

Rooftop solar financing company Credit Fair has raised $5 million from the $75 million ‘Green Basket Bond’ issued by Symbiotics Investments. The funds will support the financing of 2,500 rooftop solar projects, primarily targeting residential customers, micro, small, and medium enterprises (MSMEs), and housing societies in tier-2 and tier-3 cities. Additionally, Credit Fair aims to expand financing options for underserved communities, making renewable energy more accessible. 
British International Investment (BII), the UK’s development finance institution, has subscribed to the bond as part of its efforts to promote renewable energy adoption across Asia and Africa. 
Credit Fair has onboarded over 1,000 solar installers and has already financed more than 8,000 rooftop solar customers since its inception. The company closely monitors loan usage to ensure funds are deployed for rooftop solar installations. 
Supported by venture capital firms LC Nueva AIF and Capital A, Credit Fair has also secured debt funding from financial institutions such as SBI, SIDBI, IDFC First Bank, AU Bank, and Oikocredit. 
India's rooftop solar sector has seen significant growth, driven by the PM Surya Ghar: Muft Bijli Yojana, which aims to install solar panels in 10 million households by 2027. The program has surpassed 800,000 installations in its first year. 
In July 2024, the Asian Development Bank approved $240.5 million in loans to support rooftop solar financing in India. The funds were allocated to the State Bank of India and the National Bank for Agriculture and Rural Development to provide loans for solar installations across the country. Several public and private sector financial institutions continue to offer competitive financing options for rooftop solar installations in both residential and commercial segments. 
(Mercom)                     

Rooftop solar financing company Credit Fair has raised $5 million from the $75 million ‘Green Basket Bond’ issued by Symbiotics Investments. The funds will support the financing of 2,500 rooftop solar projects, primarily targeting residential customers, micro, small, and medium enterprises (MSMEs), and housing societies in tier-2 and tier-3 cities. Additionally, Credit Fair aims to expand financing options for underserved communities, making renewable energy more accessible. British International Investment (BII), the UK’s development finance institution, has subscribed to the bond as part of its efforts to promote renewable energy adoption across Asia and Africa. Credit Fair has onboarded over 1,000 solar installers and has already financed more than 8,000 rooftop solar customers since its inception. The company closely monitors loan usage to ensure funds are deployed for rooftop solar installations. Supported by venture capital firms LC Nueva AIF and Capital A, Credit Fair has also secured debt funding from financial institutions such as SBI, SIDBI, IDFC First Bank, AU Bank, and Oikocredit. India's rooftop solar sector has seen significant growth, driven by the PM Surya Ghar: Muft Bijli Yojana, which aims to install solar panels in 10 million households by 2027. The program has surpassed 800,000 installations in its first year. In July 2024, the Asian Development Bank approved $240.5 million in loans to support rooftop solar financing in India. The funds were allocated to the State Bank of India and the National Bank for Agriculture and Rural Development to provide loans for solar installations across the country. Several public and private sector financial institutions continue to offer competitive financing options for rooftop solar installations in both residential and commercial segments. (Mercom)                     

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?