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Credit Fair Expands Solar Financing in Tier-2 and Tier-3 Cities

Rooftop solar financing company Credit Fair has secured Rs43 crore from the ‘Green Basket Bond’ issued by Symbiotics Investments, which raised a total of Rs 645 crore. The funding will be used to finance 2,500 rooftop solar projects, focusing on residential customers, micro, small, and medium enterprises (MSMEs), and housing societies in tier-2 and tier-3 cities across India. This initiative aims to enhance access to renewable energy for underserved communities by providing better financing options.

A major backer of the Green Basket Bond is British International Investment (BII), the UK’s development finance institution. BII is committed to promoting renewable energy adoption in Asia and Africa, and its participation in the bond issuance aligns with its broader mission of financing clean energy solutions.

Since its inception, Credit Fair has financed over 8,000 rooftop solar customers and collaborated with 1,000+ solar installers to provide funding for their clients. The company ensures that the loans are strictly utilized for rooftop solar projects, maintaining transparency in deployment. The firm is backed by venture capital investors LC Nueva AIF and Capital A, and it has secured debt funding from key financial institutions such as SBI, SIDBI, IDFC First Bank, AU Bank, and Oikocredit.

India’s rooftop solar market has experienced significant growth in the past year, largely driven by government initiatives like the PM Surya Ghar: Muft Bijli Yojana. This ambitious program aims to install rooftop solar panels in 1 Crore households by 2027. Within the first year of its implementation, over 800,000 rooftop solar installations have been completed, demonstrating strong adoption and demand.

By expanding financing options in smaller cities and rural areas, Credit Fair’s initiative contributes significantly to India's broader goal of increasing renewable energy adoption and reducing dependence on conventional power sources.