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<p><a href="https://oakridge.co.in/" target="_blank" rel="noopener">Oakridge Energy</a>, an Indian rooftop solar installer, has raised a line of credit from Maanaveeya Development &amp; Finance Private Limited (<a href="https://www.maanaveeya.org/" target="_blank" rel="noopener">Maanaveeya</a>), Oikocredit’s financing arm in India. Oikocredit is a cooperative society that offers loans or investment capital for microfinance institutions, cooperatives and small and medium-sized enterprises in developing countries.</p>
<p>Responding to queries on the transaction, Shobhit Kumar, director of sales at Oakridge Energy, said, “Residential rooftop solar is a fast-growing segment in India, expected to be about 5,000 MW in five years. We have evolved a holistic offering whereby the client can reduce his bill dramatically (sometimes by over 80 percent) and substitute a portion of his electricity bill with clean energy. Access to finance is a key issue faced by residential users while going solar. Although costs have dropped recently, the relatively high upfront costs are a deterrent to adoption. Through this credit line from Manaveeya (Oikocredit&#8217;s financing arm in India), we will be financing hundreds of home owners in north India via convenient three- to five-year payment plans.”</p>
<p>Kumar, however, did not disclose the deal size due to confidentiality constraints.</p>
<p>High <a href="https://mercomindia.com/indias-rooftop-solar-financing-solutions/" target="_blank" rel="noopener">upfront cost</a> of rooftop solar system is the biggest deterrent when it comes to residential solar installations along with difficulty in securing project finance. Delays in <a href="https://mercomindia.com/rooftop-subsidy-delays-india/" target="_blank" rel="noopener">subsidy disbursement</a> is the other challenge that is hampering the growth of residential rooftop solar in India.</p>
<p>Lately, a growing number of start-ups have raised small rounds of funding in the sector. In <a href="https://mercomindia.com/freyr-energy-raises-%E2%82%B9270-million-funding/" target="_blank" rel="noopener">November 2018</a>, <a href="https://freyrenergy.com/" target="_blank" rel="noopener">Freyr Energy</a>, a Hyderabad-based rooftop solar company, raised ₹270 million (~$3.81 million) through a mix of equity and debt investments.</p>
<p><a href="https://mercomindia.com/solar-rooftop-startup-zunroof-raises-16-6-million/" target="_blank" rel="noopener">In June 2018</a>, <a href="http://www.zunroof.com/" target="_blank" rel="noopener">ZunRoof</a>, an Indian solar rooftop start-up, raised ₹16.6 million ($0.25 million) in second round of angel funding from I3N (intellecap impact investment network) led by Pradeep Tharakan, senior energy specialist at Asian Development Bank (ADB), Vismay Sharma, managing director at L’Oreal (UK &amp; Ireland), Ajith Pai (Paipal Ventures), Gaurav Gupta (Asia Director, Dalberg Advisors) and a group of IIT Kharagpur alumni based in the U.S.</p>
<p><a href="https://mercomindia.com/interview-oorjan-rooftop-solar/" target="_blank" rel="noopener">Prior to that</a>, Oorjan, a firm active in the rooftop solar PV segment, raised ₹30.8 million ($450,000) in seed funding to help expand its presence in the Indian rooftop solar sector.</p>
<p>Image credit: Cleantech Solar</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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Oakridge Energy Secures Line of Credit to Finance Residential Rooftop Solar Systems

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