BlackSoil acquires Credit Fair’s solar financing business
BlackSoil has announced the acquisition of the solar financing business of Credit Fair, a B2B2C green energy financing platform focused on rooftop solar. The transaction, which is subject to necessary approvals, marks BlackSoil’s entry into India’s renewable energy financing sector.
The acquisition includes Credit Fair’s solar financing business, management team, technology platform, brand and operating infrastructure. Credit Fair currently manages Assets Under Management (AUM) of Rs 152.6 crore.
Acquisition details
According to the company, the acquisition will strengthen BlackSoil’s presence in renewable energy financing through a partner-led distribution model. The company plans to leverage Credit Fair’s relationships across the solar ecosystem while working with installation partners to provide financing solutions to residential customers and micro, small and medium enterprises (MSMEs).
Credit Fair has operations across more than 20 states and has processed over 3.5 lakh loans since its inception in 2018. The company has disbursed more than Rs 1,300 crore and has partnered with companies including Tata Power, Waaree, SolarSquare, UTL Solar, Livguard, Navitas and Adani Solar.
Management comments
Ankur Bansal, Managing Director, BlackSoil, said: “Through this acquisition, we are strengthening our renewable energy portfolio while expanding into a high-growth B2B2C financing ecosystem. It enables us to work closely with solar ecosystem partners and provide customers with seamless access to financing solutions. We see significant opportunities in renewable energy and look forward to building on the strong foundation that Credit Fair has created.”
Aditya Damani, Founder & CEO, Credit Fair, said: “We built this solar financing business to make renewable energy more accessible. As we take this next step, we are pleased to see the business become a part of BlackSoil, which shares our vision of expanding access to clean energy financing. We are confident the platform is well positioned for its next phase of growth, with the potential to scale from financing 80 MW today to enabling 1 GW of distributed renewable energy capacity over time.”
Company profile
Established in 2016, BlackSoil operates an RBI-registered systemically important non-banking financial company (NBFC) and a Securities and Exchange Board of India (SEBI)-registered Alternative Investment Fund (AIF). The company has Assets Under Management of USD 275 million and holds an A- (Stable) / A2+ rating from ICRA.
According to the company, its portfolio includes eleven unicorns and fourteen publicly listed companies. BlackSoil is backed by investors including FMO, Gray Matters Capital, Triodos Investment Management, and the family offices of Allcargo Logistics, Navneet Education and Mahavir Agency.
