Trine, a Swedish investment company that enables individuals to invest sustainably, and Greenlight Planet, a provider of off-grid solar products, have announced the closure of a €1.8 million ($2.36 million) transaction.

The funding is aimed at supporting Greenlight Planet’s growth in India and is anticipated to provide 560,000 people with electricity while reducing an estimated 128,00 tons of carbon emissions as fossil fuels can be replaced with solar energy. This is the first time that Greenlight Planet has sourced debt financing from individuals. Trine connected 1,822 investors with Greenlight Planet to fully fund the $2.36 million loan. According to Trine, this is the largest single transaction that has been financed through its platform.

“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,” said Viktor Andersson, debt portfolio manager of Trine. The strategic partnership between Trine and Greenlight Planet sets out to answer the off-grid solar industry’s strong demand for innovation in distribution and financing.

Greenlight Planet provides solar home energy products to off-grid households around the world. The company reaches remote, off-grid customers through its network of micro-entrepreneurs.

In October 2018, Mercom reported on the news of a report published by the Global Off-Grid Lighting Association (GOGLA) stating that India has emerged as the world’s largest cash market for off-grid solar products, with 1.3 million products sold in H1 2018 alone. This accounted for 44 percent of global sales.