Alternative credit platform BlackSoil has acquired the solar financing business of Credit Fair, for an undisclosed amount. As part of the deal, BlackSoil will acquire Credit Fair’s solar financing business, including its management team, technology platform, brand and operating infrastructure. Credit Fair’s solar financing unit currently manages assets worth Rs 152.6 crore. The acquisition gives BlackSoil an established platform to finance residential solar projects and MSMEs adopting solar energy solutions. Founded in 2018, Credit Fair operates a B2B2C lending model and has processed more than 3.5 lakh loans across over 20 states. The company has disbursed more than Rs 1,300 crore and works with solar ecosystem partners including Tata Power, Waaree, SolarSquare, UTL Solar, Livguard, Navitas and Adani Solar. According to BlackSoil, the acquisition will strengthen its presence in the renewable energy value chain through a partner-led distribution network. The company plans to work with solar installation partners while offering financing solutions directly to customers. Founded in 2016, BlackSoil operates an RBI-registered NBFC and a SEBI-registered AIF. The company manages assets worth around $275 million and provides credit solutions to startups, MSMEs and other businesses. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
