Lendable has granted a $10 million structured debt facility to Metafin, a solar financing platform targeted at rural MSMEs and households.
The funds will be utilized to increase financing for solar energy solutions in rural India, especially for households and small businesses making the switch from diesel-based systems.
Through Lendable’s Transportation and Energy Fund, the facility has been expanded, and it will assist MSMEs and businesses in underserved areas with financing for productive-use solar systems.
Metafin, which was founded by Sandeep Chopra and Aditya Shah, runs a solar financing model that is connected to a network of more than 1,000 local installers and a servicing division for installation and upkeep.
The business says it has funded more than 6,500 solar projects in more than 4,000 villages spread across five states. These initiatives have replaced about 11 million liters of diesel and helped offset over 30 million kilograms of CO2 emissions.
Metafin collaborates with financial institutions like SBI, Northern Arc, and AU Small Finance Bank and is supported by investors like Vertex Ventures SEAI, Prime Venture Partners, and Varanium Capital.
