Credit Fair Secures USD 5 mn for Rooftop Solar Expansion

Mumbai, Feb 18 (PTI) Non-banking financial company Credit Fair on Tuesday said it has secured USD 5 million in debt from British International Investment-backed Symbiotics Investments, which will help it expand in the rooftop solar financing space.

The funding comes from the USD 75-million Green Basket Bond issued by Symbiotics Investments.

Credit Fair, which is backed by VCs like LC Nueva AIF and Capital A, has a significant presence in the solar and MSME segments.

With the new funding, the company will 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, it said.

Credit Fair said it will use the fresh capital infusion to address the growing demand for rooftop solar installations, empowering underserved communities with affordable and accessible financing.

"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," said Vikas Agarwal, Co-founder of Credit Fair.

The fresh capital infusion will fund 2,500 new rooftop solar projects, directly contributing to the reduction of carbon emissions and providing sustainable energy solutions to thousands of customers, he said.

Since its inception in 2018, till date, it has helped over 8,000 customers adopt rooftop solar solutions ,resulting in 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.