For an undisclosed sum, alternative lending company BlackSoil purchased Credit Fair’s solar financing division.
BlackSoil will purchase Credit Fair’s solar financing division, together with its management team, brand, technological platform, and operational infrastructure, as part of the agreement.
The solar financing division of Credit Fair now oversees assets valued at Rs 152.6 crore. BlackSoil now has a well-established platform to fund residential solar projects and MSMEs using solar energy solutions thanks to the purchase.
Since its founding in 2018, Credit Fair has processed over 3.5 lakh loans in more than 20 states using a B2B2C lending strategy. The company collaborates with partners in the solar ecosystem, such as Tata Power, Waaree, SolarSquare, UTL Solar, Livguard, Navitas, and Adani Solar, and has disbursed over Rs 1,300 crore.
BlackSoil claims that through a partner-led distribution network, the acquisition will bolster its position in the renewable energy value chain. The business intends to collaborate with solar installation partners while providing customers with direct financing options.
BlackSoil was established in 2016 and runs a SEBI-registered AIF and an RBI-registered NBFC. The organization offers lending solutions to startups, MSMEs, and other enterprises while managing assets valued at about $275 million.
