Oakridge Energy Raises Line of Credit for Residential Rooftop Solar

Oakridge will use this money to offer payment plans to home owners who install solar rooftop plants with easy repayment options.

One of North India’s leading residential rooftop solar companies, Oakridge Energy has raised the first line of credit from the Indian arm of Dutch social impact investor Oikocredit.

The credit has been provided for financing a pilot of residential solar rooftop installations Oakridge intends to install. Manaveeya Development and Finance is the Indian arm of Oikocredit.

With total assets of about 1.3 billion euros, Oikocredit is among the world’s leading social impact investors with more than 693 partners across 13 countries.

Oakridge will use this money to offer payment plans to home owners who install solar rooftop plants with easy repayment options ranging from 3-5 years.

In addition to this, Oakridge would also be installing solar panels on the rooftops of residential societies under a scheme which is about to be launched by the Delhi Government under the World Bank Suprabha-technical assistance programme.

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 5 years. There are not many players who have a presence in this market.”

“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,” he added.

Maanaveeya Managing Director Gouri Sankar, said: “Maanaveeya is a nonbanking financial company and engaged in lending to micro finance institutions, Development projects in agriculture value chains, Micro small medium enterprises (MSME) and Renewal Energy projects in India.”

Source: IANS