Credit Fair Secures $5M to Expand Rooftop Solar Financing

Non-banking financial company Credit Fair has secured a $5 million debt from Symbiotics Investments to expand its rooftop solar financing. Targeting residential and MSME customers in tier-2 and tier-3 cities, the investment aims to empower underserved communities with affordable financing and support sustainable energy solutions.

Credit Fair, a prominent non-banking financial company, announced on Tuesday securing a $5 million debt from Symbiotics Investments, a British International Investment-backed entity. This funding aims to bolster Credit Fair's expansion in the rooftop solar financing sector, a move primarily targeting residential and MSME clientele.

The investment comes from Symbiotics' $75-million Green Basket Bond, emphasizing a commitment to green finance. Backed by VCs such as LC Nueva AIF and Capital A, Credit Fair plans to address the growing demand for rooftop solar installations in tier-2 and tier-3 cities, facilitating affordable and accessible financing.

Vikas Agarwal, Co-founder of Credit Fair, expressed gratitude towards British International Investment, highlighting the role of the fresh capital in funding 2,500 new solar projects and reducing carbon emissions. Since 2018, Credit Fair has enabled solar adoption for over 8,000 customers, saving approximately Rs 45 crore in annual electricity costs, underscoring its environmental commitment.

(With inputs from agencies.)