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BlackSoil Acquires Credit Fair’s Solar Financing Business to Expand Renewable Energy Lending Portfolio

Alternative credit platform BlackSoil has announced the acquisition of the solar financing business of Credit Fair, marking its strategic entry into India's fast-growing renewable energy financing market. The acquisition, subject to the necessary regulatory and customary approvals, is expected to strengthen BlackSoil's presence in the distributed solar ecosystem by enabling it to offer tailored financing solutions for residential rooftop solar installations and MSMEs adopting clean energy technologies.

As part of the transaction, BlackSoil will acquire Credit Fair's solar financing portfolio, management team, technology platform, brand, and operational infrastructure. The business currently manages an Assets Under Management (AUM) of approximately Rs 152.6 crore, providing BlackSoil with an established platform to scale financing for distributed renewable energy projects across the country.

The acquisition significantly expands BlackSoil's footprint in the partner-led B2B2C lending model, allowing the company to collaborate directly with solar installers, EPC companies, distributors, and equipment manufacturers while providing financing solutions to end consumers. By leveraging Credit Fair's existing ecosystem partnerships, BlackSoil aims to simplify access to affordable credit, one of the key barriers to wider adoption of rooftop solar systems in India.

Founded in 2018, Credit Fair has built a nationwide presence across more than 20 states, processing over 3.5 lakh loans and disbursing more than Rs 1,300 crore since its inception. The company has established partnerships with several leading players in India's solar industry, including Tata Power, Waaree, SolarSquare, UTL Solar, Livguard, Navitas, and Adani Solar, creating an extensive distribution network for renewable energy financing solutions.

The transaction comes at a time when India's distributed solar market is witnessing rapid growth, supported by favourable government policies such as the PM Surya Ghar: Muft Bijli Yojana, which aims to install rooftop solar systems on one crore (10 million) households. Increasing electricity tariffs, improved consumer awareness, and government subsidies are driving greater demand for rooftop solar, while easy access to financing is becoming an essential factor in accelerating adoption among residential consumers and small businesses.

According to BlackSoil, integrating Credit Fair's specialised solar financing platform will allow the company to diversify its lending portfolio while supporting India's clean energy transition. The company intends to build on Credit Fair's established business model by expanding financing partnerships across the renewable energy value chain and delivering faster, technology-enabled loan solutions for distributed solar projects.

Commenting on the acquisition, Ankur Bansal, Managing Director of BlackSoil, said the transaction strengthens the company's renewable energy portfolio while opening opportunities in one of India's fastest-growing financing segments. He noted that the acquisition would enable closer collaboration with solar ecosystem partners and improve customer access to flexible financing solutions, supporting the continued expansion of clean energy adoption across the country.

Aditya Damani, Founder and CEO of Credit Fair, said the business was established to make renewable energy financing more accessible for households and businesses. He expressed confidence that under BlackSoil's leadership, the platform would be well-positioned for its next phase of growth, with the potential to expand from financing around 80 MW of distributed solar capacity today to supporting 1 GW of installations over the long term.

As India's rooftop solar and distributed renewable energy market continues to expand, innovative financing models are expected to play a critical role in bridging the affordability gap for consumers. Strategic acquisitions such as this are likely to accelerate private-sector participation, improve access to capital, and support the country's broader objective of increasing clean energy adoption while strengthening the renewable energy financing ecosystem.