Credit Fair Secures $5 Million from Symbiotics Investments backed by British International Investment to propel Rooftop Solar Financing in India
Credit Fair, a non-banking financial company (NBFC) having significant presence in the solar and MSME segments, has successfully raised $5 million in debt from the $75-million Green Basket Bond issued by Symbiotics Investments. The bond, which is the second of its kind, was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor, and aims to drive the adoption of renewable energy solutions across Asia and Africa.
The new funding will strengthen Credit Fair to expand its presence in the rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-2 and tier-3 cities. Credit Fair will deploy the $5-million to address the growing demand for rooftop solar installations, empowering underserved communities with affordable and accessible financing options.
Commenting on the development, Vikas Agarwal, Co-founder of Credit Fair, said: “This funding comes at a pivotal time when we expand our portfolio to support distributed energy solutions like rooftop solar. We are grateful to British International Investment for empowering and entrusting us to deliver green finance solutions to households and small businesses in India. With this $5 million, we plan to fund 2,500 new rooftop solar projects, directly contributing to the reduction of carbon emissions and providing sustainable energy solutions to thousands of customers.”
Since its inception, Credit Fair has made significant strides in promoting renewable energy solutions. To date, the company has helped over 8,000 customers adopt rooftop solar solutions, resulting in a reduction of over 4,100 tonnes of carbon emissions and annual electricity savings of over Rs.45 crore. These figures underscore the company’s commitments to environmental protection, sustainable solutions, and financial viability and accessibility.
Credit Fair is backed by leading VCs like LC Nueva AIF and Capital A and has secured debt funding from leading banks and NBFCs viz. SBI, SIDBI, IDFC First Bank, AU Bank, Oikocredit, etc. This reinforces our mission to drive financial inclusion and accelerate sustainable energy adoption
Above views are of the author and not of the website kindly read disclaimer
