US$1 million is a Direct Line of Credit to meet working capital needs and the other US$1 million is a commitment from RBL Bank towards direct farmer financing for Claro Energy’s solar water pumps.
“The credit facility shall be used for meeting our growing working capital needs and towards consumer financing for farmers who wish to buy our solar pumps but can’t afford the upfront capex,” said Claro Energy director Soumitra Mishra. “This credit facility comes at the right time as the solar pumping industry is witnessing explosive growth and with our extensive on-ground experience we’re nicely positioned to capitalize on that.”
Claro Energy installs and maintains solar pumps in power-deficit regions in India. The company currently operates in 10 states across India and has installed 1HP–10HP solar pumps in drinking water, irrigation, purification and aquaculture applications.