The Ministry of Micro, Small & Medium Enterprises is working with the World Bank to bring in a credit guarantee mechanism to make financing accessible to unrated MSMEs for implementing rooftop solar projects.
With 380 MW of generation capacity, Gujarat accounted for 43% of new rooftop solar installations during the January-to-September period.
Power distribution reforms and scaling up of solar adoption among MSMEs through captive renewable energy policy and comprehensive Credit Guarantee Mechanism are among measures expected from the budget.
The partnership will leverage the market intelligence of Sunvest and the tech-driven platform of U GRO in lending to MSMEs for rooftop solar.
Up to 70% of prospective customers have shied away from owning a rooftop solar system due to lack of readily available information on how to assess various solar options, says Saurabh Marda, co-founder and managing director of Freyr Energy – a Hyderabad-based rooftop solar firm that has completed over 1200 installations in just 5 years since inception in 2014.
The US-based impact investor will invest in specialized financial institutions in India that can develop and scale commercial rooftop solar finance solutions, serving an estimated US$ 9 billion market opportunity.
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