The power minister’s proposal would be a step in the right direction towards meeting the 40 GW rooftop solar target, as it removes a financing hurdle for small and medium enterprises.
Founded in 2006, Bengaluru-based Orb is a rooftop solar provider that manufactures panels and provides finance for SMEs through a collateral-free loan that matches the payback period for its solar systems. Orb has sold more than 160,000 units in India, with cumulative installations of around 65 MW of PV rooftop capacity.
The Micro, Small and Medium Enterprises (MSME) sector is expected to make a significant contribution to India’s rooftop PV target of 40 GW by 2022. However, a range of issues — including low public awareness, the scarcity of low-cost financing and the need for rooftop aggregation models — must be addressed before rooftop solar can be aggressively scaled up, according to a new report from Deloitte and the Climate Investment Funds (CIF).
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