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)