Oakridge Raises Line of Credit from Manaveeya to Fund Solar Installations

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Oakridge would provide payment plans for the residential home owners for installation of solar rooftop systems and offer easy repayment facility over a period of 3-5 years

Oakridge Energy, a residential rooftop solar firm in India, has received a first line of credit (LoC) from Manaveeya Development and Finance – the Indian arm of Oikocredit the Dutch social impact investor. The company will use the funds to finance a pilot of residential solar rooftop installations.

Oikocredit is one of the leading social impact investors in the world, having overall assets of around 1.3 billion euros. The investor has more than 693 partners and has presence in around 13 countries.

Growing market

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Commenting on the development, Shravan Sampath, CEO, Oakridge Energy said, “Residential solar rooftop is a fast-growing sector with an aggregate addressable demand of over 5000 MW over the next five years. There are not many players who have a presence in this market.”

He further said, “Oakridge, with its extensive experience in the residential market, standardised mounting structures and implementation process, is growing to capture this market. Oakridge is pleased to obtain this line of credit from Manaveeya.”

Oakridge would provide payment plans for the residential home owners for installation of solar rooftop systems and offer easy repayment facility over a period of 3-5 years, the company said in a statement.

Besides, the company would also install rooftops solar panels on the residential societies under a scheme to be introduced by the government of Delhi under the World Bank’s SUPRABHA Technical Assistance Programme.

Huge potential

Gouri Sankar, Managing Director, Maanaveeya, said, “Under the renewable energy segment, we focus on funding access to energy companies and see huge potential in the roof top segment. We found a like-minded partner in Oakridge and glad to partner with Oakridge for piloting a rooftop project and based on the learnings, we expect to do more such deals in the Solar Roof Top space.”

“We hope this transaction will open a niche market and a new asset class for impact investors in partnering with developers to support residential roof top segment in rural market,” he added.

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