Solfin Eyes INR 500-600 Crore Debt Raise After Securing CARE A- Rating

9 July 2026: Solfin Sustainable Finance Private Limited, one of India's fastest-growing green finance NBFCs, is gearing up to raise ₹500-600 crore in institutional debt after securing an investment-grade CARE A- credit rating, as it looks to deploy nearly ₹1,000 crore towards accelerating clean energy financing across India. The planned debt raise follows the company's recent ₹280 crore equity infusion and achievement of profitability within its first full year of operations, marking a significant milestone in its evolution into an institutionally backed green finance platform built to support India's rapidly expanding distributed renewable energy ecosystem.

As India targets 500 GW of non-fossil fuel capacity by 2030, access to affordable, timely and specialised financing remains one of the most critical enablers of the country's clean energy transition. While technological advancements and supportive policy measures have accelerated solar adoption, financing continues to be the key determinant of how quickly households, MSMEs, commercial enterprises and developers can adopt renewable energy solutions. Solfin was established to address this challenge by building a technology-first financing platform purpose-built for green assets.

Since its inception, Solfin has built a differentiated financing ecosystem anchored in a proprietary underwriting engine, data-driven credit assessment and a fully digital loan journey. Today, the company works with more than 1,350 ecosystem partners, including EPC companies, dealers, OEMs and leading manufacturers such as Waaree Energies, providing financing solutions across residential, commercial & industrial (C&I), group housing societies, EPC and dealer segments. Its integrated technology platform has reduced residential loan approval timelines from weeks to days, while compressing turnaround times for complex commercial and industrial financing into single-digit days.

The company recently strengthened its balance sheet through a ₹280 crore equity raise and achieved profitability within its first full year of operations, underscoring the resilience of its business model and disciplined approach to growth. Together with the CARE A- rating, these milestones position Solfin to enter its next phase of expansion with stronger institutional credibility and enhanced access to growth capital.

Commenting on the development, Gautam Kaushik and Pramod Mahanta, Co-founders of Solfin Sustainable Finance, said: "India's clean energy transition will ultimately be financed, not just manufactured. As distributed renewable energy scales across the country, specialised financial institutions will play a defining role in ensuring that access to capital keeps pace with demand. Our recent equity raise, profitability milestone and now the CARE A- rating collectively validate the institution we have built-one that combines technology, disciplined underwriting and strong governance to deliver financing at scale. The rating significantly strengthens our ability to mobilise institutional debt responsibly and expand fast, transparent financing solutions to homeowners, MSMEs, businesses, EPCs and channel partners across India, particularly in Tier 2 and Tier 3 markets."

The rating also reflects Solfin's strategic backing from the Waaree Group, promoters of one of India's leading renewable energy companies, providing the company with deep sector expertise and a strong ecosystem advantage. This integrated approach has enabled Solfin to build a specialised green financing platform that combines technology, sector knowledge and distribution partnerships to address one of the largest gaps in India's energy transition- access to affordable and efficient financing.

About Solfin

Founded by Gautam Kaushik and Pramod Mahanta, both former American Express executives, Solfin is a distributed green asset delivery and financing platform with a captive Non-Banking Financial Company (NBFC) focused on green finance. Backed by Waaree Sustainable Finance Pvt. Ltd., part of the Waaree Group, Solfin leverages a technology-led lending platform, proprietary underwriting capabilities and a nationwide ecosystem of partners to provide fast, transparent and specialised financing solutions for India's growing clean energy economy.

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User :- Vidhi Dodia

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