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BlackSoil, an alternative credit platform, has acquired the solar financing business of Credit Fair, a B2B2C green energy financing platform with focus on rooftop solar financing.
Financial terms of the acquisition were not disclosed. 72.ib was the M&A advisor for the transaction.
As part of the transaction, subject to the necessary approvals, BlackSoil will acquire Credit Fair’s solar financing business along with its management team, technology platform, brand and operating infrastructure. Credit Fair currently has an Assets Under Management (AUM) of INR 152.6 crore.
The acquisition marks BlackSoil’s entry into India’s renewable energy financing sector while expanding its presence in the partner-led B2B2C lending ecosystem. BlackSoil said it will work closely with installation partners while delivering seamless financing solutions directly to end customers.
Ankur Bansal, Managing Director, BlackSoil said, “Through this acquisition, we are strengthening our renewable energy portfolio while expanding into a high-growth B2B2C financing ecosystem. It enables us to work closely with solar ecosystem partners and provide customers with seamless access to financing solutions. We see significant opportunities in renewable energy and look forward to building on the strong foundation that Credit Fair has created.”
Aditya Damani, Founder & CEO, Credit Fair said, “We built this solar financing business to make renewable energy more accessible. As we take this next step, we are pleased to see the business become a part of BlackSoil, which shares our vision of expanding access to clean energy financing. We are confident the platform is well positioned for its next phase of growth with the potential to scale from financing 80 MW today to enabling 1 GW of distributed renewable energy capacity over time. “
