- Solfin Sustainable Finance raised Rs 280 crore and turned profitable in its first year
- Funds will support credit models, geographic expansion, and new green finance products
- India targets 500 GW non-fossil fuel capacity by 2030 with rising rooftop solar demand
Solfin Sustainable Finance, a non-banking financial company backed by Waaree Energies, has raised Rs. 280 crore in a recent funding round and turned profitable within its first full year of operations, reflecting the growing demand for financing in India's clean energy sector.
The fresh capital will be used to invest in credit models, expand geographically and develop new green financing products, as competition intensifies in the clean energy lending space.
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Access to capital remains a key bottleneck in scaling rooftop solar and commercial and industrial projects, even as policy push and improving economics drive adoption. India has set a target of 500 GW of non-fossil fuel capacity by 2030, while schemes such as PM Surya Ghar Muft Bijli Yojana are expanding the residential user base.
At the same time, rising power tariffs are pushing businesses to lock in long-term energy costs, increasing demand for structured financing solutions.
Industry participants say the pace of energy transition will depend as much on financing availability as on technology deployment.
"India's energy transition is the largest infrastructure opportunity of our generation, but it will only move at the speed of its financing," said Gautam Kaushik and Pramod Mahanta, co-founders of Solfin.
Against this backdrop, lenders are increasingly focusing on faster underwriting and distribution to capture demand. Solfin said its digital underwriting model has reduced loan approval timelines for residential customers, while also speeding up financing for more complex C&I projects.
The company has built a distribution network of over 1,200 partners, including EPC players, dealers and manufacturers, to expand access beyond metros into Tier 2 and Tier 3 markets.
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