To offer easy financing, tech solutions to set up rooftop solar projects
Mumbai, 4th October, 2023: Credit Fair, a consumer lending fintech startup, has joined forces with Amplus Solar, Asia’s leading clean energy solutions provider, to offer collateral-free affordable financing to individuals, housing societies and trust associations looking to set up solar rooftops.
The collaboration is part of Credit Fair’s mission to facilitate faster solar energy adoption in India by providing affordable and easy-to-access financial solutions. This partnership solidifies both firms’ commitment towards fostering solar rooftop adoption in the country. The beneficiaries of this offering will be able to save on their energy bills, enjoy reductions in the monthly variable electricity costs and parallelly help decrease India’s Carbon footprint.
The maximum loan an individual and MSME can avail of is up to Rs 200 lakh. Credit Fair will also provide easy EMI options for up to 7 years, and the customer can pre-close the loan any time without any extra charges. Loan application, submission and disbursement will be entirely digital.
Commenting on the association, Vikas Agarwal, Co-Founder & CBO, of Credit Fair said, “The objective of this venture with Amplus Solar is to make solar energy solutions accessible and affordable to the maximum number of people in a quick, easy and hassle-free way. Finance shouldn’t be a constraint for those wishing to switch to clean energy sources. Credit Fair wants to revolutionise the solar power sector by providing quick and digitised loans for small and medium customers. India has set an ambitious target of meeting half of its power requirements from renewable energy sources by 2030. Our strategies and initiatives are in line with this mission, contributing significantly to the fight against climate change.”
Gaurav Keswani, VP, of HomeScape by Amplus Solar said, “The residential rooftop sector is a vast trove of potential in India’s net zero ambitions. While there is no dearth of demand, economic viability for the customers, especially for premium products like what we offer at HomeScape by Amplus Solar becomes a challenge. We look forward to our association with Credit Fair, which addresses this concern and creates financial value for prospects who wish to transition to clean energy.”
Credit Fair plans to boost the share of green financing in its loan book to 40 per cent. The company aims to grow its total assets under management (AUM) to Rs.1000 crore by FY25 and scale up the share of the green financing loan portfolio to Rs.400 crore.
Set up in 2018, Credit Fair, a B2B2C lending-focused fintech start-up, offers lending solutions and unsecured loan options at the point of sale to businesses and consumers at a lower cost or no cost. Founded by Aditya Damani, it aims to build a credit ladder for 550 million underserved Indians and reach 5,000 active merchant partners and grow disbursements to a $ 360 million annual run rate. The ticket size ranges from Rs 10,000 to Rs 200 lakh, and the tenure is from three months to five years. Within a short span of time, Credit Fair has emerged as one of the most dependable financial partners for more than 1,000 merchants, including notable brands like Solar Square, TATA Power, UTL Solar, upGrad, Livspace, Asian Paints, Scaler, Nova IVF and to name a few.
To scale up credit penetration into the underserved segments, Credit Fair has raised $25 million in debt from SBI, Northern Arc, Avanse, Vivriti Capital, Caspian Impact, InCred Financial and equity from a marquee group of investors which includes LC Nueva Alternative Investment Fund, Capital A, among others.
Amplus is Asia’s leading distributed energy company providing clean energy solutions to commercial and industrial customers by setting up on-site solar projects (rooftop and ground-mounted) and off-site solar farms. Amplus has also diversified into new avenues such as battery storage, residential solar, and electric vehicle-based logistics solutions.
Amplus owns and manages a portfolio of over 1.4+ GW of distributed solar assets and serves 350+ renowned Indian and multinational firms like Yamaha, Cisco, Amazon, Walmart, Reckitt Benckiser, Schlumberger, Carlsberg, ABB, TVs, Schneider, Qualcomm, Halliburton, GE, Honda among others, quadrupling its customer base from 2017 to 2023.
Amplus’ operational plants are expected to cumulatively generate 22 billion units of electricity over their lifetime. The carbon dioxide abatement over the lifetime of these projects amounts to 21 million metric tonnes and the environmental impact can also be equated to 24 million mature trees absorbing carbon dioxide for 40 years.
Amplus Solar is a member of the Petroliam Nasional Berhad (PETRONAS) group, Malaysia and is headquartered in Gurugram, India with regional offices in Bangalore, Mumbai, Pune, Bangkok, Dubai, and Kuala Lumpur. PETRONAS recently established Gentari Sdn Bhd (Gentari) to independently pursue and deliver integrated sustainable energy solutions, and to capture opportunities in the energy transition. Gentari offers lower carbon solutions through three initial core pillars – Renewable Energy, Hydrogen and Green Mobility, forming a portfolio of solutions cutting across the electron value chain to help customers achieve net zero emissions.
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