Trine Helps Greenlight Planet Secure Financing For Off-Grid Solar Projects in India

The strategic partnership between Trine and Greenlight Planet sets out to answer the off-grid solar industry’s strong demand for innovation in distribution and financing.

Swedish investment firm, Trine, which enables individuals to invest in renewables sustainably has joined forces with Greenlight Planet, a provider of off-grid solar products, to secure a Euro 1.8 million (Rs 14 crore) transaction for financing off-grid solar projects to cater to more than half a million Indians.

This is the first time that Greenlight Planet has sourced debt financing from individuals. Trine connected 1,822 investors with Greenlight Planet to fully fund the $2.36 million loan. According to Trine, this is the largest single transaction that has been financed through its platform.

The funding is aimed at supporting Greenlight Planet’s growth in India and is anticipated to provide 560,000 people with electricity while reducing an estimated 128,00 tons of carbon emissions as fossil fuels can be replaced with solar energy.

“Greenlight Planet is a pioneer in off-grid electrification and an industry success story, having reached profitability back in 2016. The huge potential of the Indian market, in combination with high impact, makes this investment particularly interesting. We are happy that the first step of our collaboration with Greenlight Planet is a success and we look forward to developing this partnership further,” said Viktor Andersson, debt portfolio manager of Trine.

The strategic partnership between Trine and Greenlight Planet sets out to answer the off-grid solar industry’s strong demand for innovation in distribution and financing.

Greenlight Planet provides solar home energy products to off-grid households around the world. The company reaches remote, off-grid customers through its network of micro-entrepreneurs.

A recent report by the Global Off-Grid Lighting Association (GOGLA) revealed that the Indian standalone solar market is projected to reach Rs 26 thousand million by 2023.

Koen Peters, GOGLA Executive Director, said at the time, “India is a fascinating market for standalone solar products. If the government and industry can align their interests well, India may not just remain the single largest market country for standalone solar products, but also establish itself as a strong innovator and potentially strengthen its role as a global player.”