Mumbai-based photo voltaic financing platform Metafin has raised $10 million in structured debt from Lendable, because it appears to be like to increase entry to wash vitality in rural India.

The funding has been supplied by way of Lendable’s Transportation and Vitality Fund and shall be used to scale financing for photo voltaic vitality techniques geared toward households and micro, small and medium enterprises (MSMEs), notably these at present reliant on diesel-powered options.

Metafin, based in 2018 by Sandeep Chopra and Aditya Shah, focuses on enabling entry to reasonably priced solar energy in underserved areas. The corporate mentioned it has to date financed greater than 6,500 photo voltaic tasks throughout over 4,000 villages in 5 Indian states.

In accordance with the agency, these installations have helped offset greater than 30 million kilograms of carbon dioxide emissions and displaced roughly 11 million litres of diesel.

“Entry to reasonably priced financing stays one of many greatest boundaries to wash vitality adoption in rural India. This facility permits us to increase photo voltaic financing to 1000’s of small companies and households that depend on costly diesel right now,” the co-founders mentioned.

Metafin operates by way of a community of greater than 1,000 native photo voltaic installers and provides built-in real-time vitality monitoring, alongside a servicing arm that helps deployment and upkeep in rural markets.

Lendable mentioned the funding aligns with its give attention to backing scalable climate-focused companies. “Metafin represents the kind of scalable, know-how pushed local weather targeted enterprise we intention to assist by way of Lendable’s Transportation and Vitality Fund,” mentioned Maite Pina.