Solfin Secures CARE A- Rating, Plans INR 500–600 Crore Debt Raise for Green Finance

Solfin Sustainable Finance Pvt. Ltd. plans to raise INR 500–600 crore in institutional debt after securing an investment grade CARE A- credit rating, strengthening its access to institutional funding as it expands financing for distributed renewable energy projects across India.

The planned debt raise follows the company's recent INR 280 crore equity infusion and achievement of profitability within its first full year of operations. Solfin intends to deploy nearly INR 1,000 crore to support clean energy financing across the country, targeting residential, commercial and industrial, MSME, group housing society, EPC and dealer segments.

The company said that the funding comes as India works towards its target of achieving 500 GW of non fossil fuel capacity by 2030, where access to affordable and timely financing remains a key requirement for accelerating renewable energy adoption.

Since its inception, Solfin has developed a technology driven financing platform featuring a proprietary underwriting engine, data driven credit assessment and a fully digital loan process. The company currently works with more than 1,350 ecosystem partners, including EPC companies, dealers, OEMs and manufacturers such as Waaree Energies. According to the company, its digital platform has reduced residential loan approval timelines from weeks to days while shortening commercial and industrial financing turnaround times to single digit days.

Commenting on the development, Co founders Gautam Kaushik and Pramod Mahanta said that specialised financial institutions will play an important role in supporting India's clean energy transition by ensuring access to capital keeps pace with growing demand. They added that the recent equity raise, profitability milestone and CARE A- rating strengthen the company's ability to mobilise institutional debt and expand financing solutions, particularly in Tier 2 and Tier 3 markets.

The company said that the CARE A- rating also reflects its strategic backing from the Waaree Group, providing sector expertise and supporting the expansion of its technology driven green financing platform. Founded by former American Express executives Gautam Kaushik and Pramod Mahanta, Solfin operates as a distributed green asset delivery and financing platform through its captive non banking financial company focused on renewable energy financing.