Waaree-Backed Solfin Seals Co-Lending Deal with Japanese Institution

Solfin Sustainable Finance Private Limited, a solar-focused NBFC backed by Waaree Energies and a Japanese financial institution, has entered into a co-lending partnership. 

In a press release, Waaree Energies said, "This partnership aims to enhance solar financing across India, fueling faster adoption of clean energy solutions. The collaboration will provide working capital finance to solar panel dealers and rooftop solar finance to end consumers." Financing, while available now, has still been a challenge for many dealers and customers, and an extra player  looking to make an impact should be welcome. That is one reason leading players in the PM Suryaghar scheme like Solar Square and Tata Power have ensured they have multiple co-financing partner/s to ensure better conversion.  

Key Highlights of the Partnership:

•    Working Capital Loans tailored for wholesale solar panel dealers across India.
•    Rooftop Solar Loans for various segments
•    Nationwide Coverage enabling solar adoption in urban and rural markets alike.
•    Co-Lending Structure that ensures competitive interest rates and improved credit accessibility.

Pramod Mahanta, Co-Founder of Solfin, said, "Through this unique partnership, two financial organizations will combine their respective strengths to create and offer more funding opportunities in the Solar Finance ecosystem. Various entities seeking solar finance, will get faster access to funds, innovative products and financing solutions that accelerate their shift to clean energy. Furthermore, the backing of Waaree will strengthen our ability to tap into new segments and accelerate our role in the solar revolution transforming the nation.

Most solar related loans have tended to be of short term durations, ranging from as little as six months to 3-4 years. That is aligned to the promised payback on a solar system in most parts of India. For dealers, the financing is even more short term, as payment cycles that  impact their key customers like solar installers have become more short with improved efficiencies in subsidy disbursement etc.