Swedish investment firm, Trine, which assists entities to capitalize in renewables sustainably has announced that it has joined forces with Greenlight Planet to secure a Euro 1.8 million (Rs 14 crore) deal for financing off-grid solar projects to gratify to more than half a million Indians.
This is the first time that Greenlight Planet has obtained debt financing from entities. Trine linked 1,822 investors with Greenlight Planet to completely fund the $2.36 million loan. According to Trine, this is the prevalent single transaction that has been funded through its platform.
The funding is intended at supporting Greenlight Planet’s growth in India and is predicted to provide 560,000 people with electricity while decreasing a projected 128,00 tons of carbon emissions as fossil fuels can be substituted with solar energy.
“Greenlight Planet is a pioneer in off-grid electrification and an industry success story, having reached profitability back in 2016. The huge potential of the Indian market, in combination with high impact, makes this investment particularly interesting. We are happy that the first step of our collaboration with Greenlight Planet is a success and we look forward to developing this partnership further,” believed Viktor Andersson, Debt Portfolio Manager,Trine.
The strategic corporation between Trine and Greenlight Planet sets out to answer the off-grid solar industry’s robust demand for innovation in distribution and financing.
A latest report by the Global Off-Grid Lighting Association (GOGLA) discovered that the Indian standalone solar market is estimated to reach Rs. 26 thousand million by 2023.
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