Credit Fair, a non-banking financial company (NBFC), has raised $5 million in debt from the $75-million Green Basket Bond issued by Symbiotics Investments to drive the adoption of renewable energy solutions across Asia and Africa. The bond, 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.
The Green Basket Bond programme leverages Symbiotics’ global network and BII’s role as an impact investor, to support an additional MSME lenders who require smaller investment capital than BII is typically able to fund directly. The MSME lenders direct their lending to smaller businesses that usually find it difficult to access funding, and even more so for green projects
The new funding will allow 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.
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 helped over 8,000 customers adopt rooftop solar solutions. It is backed by leading VCs like LC Nueva AIF and Capital A and has secured debt funding from leading banks and NBFCs including SBI, SIDBI, IDFC First Bank, AU Bank, and Oikocredit.
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