Oakridge Energy, North India’s residential rooftop solar installer, has raised a first line of credit from the Indian arm of Dutch social impact investor Oikocredit. It will be used to finance a pilot project for residential solar rooftop systems that Oakridge intends to install, according to Indian news agency IANS.
Maanaveeya Development & Finance is the Indian subsidiary of Oikocredit, which is one of the world’s leading social impact investors with total assets of about €1.3 billion, over 693 partners and a presence in 13 countries.
Oakridge has said it will offer payment plans for residential home owners to install solar rooftop systems and provide easy repayment structures over three to five years.
In addition, the company has said it will install solar panels on the rooftops of residential societies via a scheme to be launched by the Delhi Government under the World Bank’s Suprabha technical assistance programme.
“Residential solar rooftop is a fast-growing sector with an aggregate addressable demand of over 5000 MW over the next five years. There are not many players who have a presence in this market,” Shravan Sampath, CEO, Oakridge Energy was quoted as saying by IANS.
Maanaveeya managing director Gouri Sankar, said, “Maanaveeya is a nonbanking financial company and engaged in lending to micro finance institutions, development projects in agriculture value chains, micro small medium enterprises (MSME) and renewal energy projects in India.We hope this transaction [with Oakridge Energy] will open a niche market and a new asset class for impact investors in partnering with developers to support residential rooftop segment in rural market.”
No further financial or capacity details were available.