Metafin raises $10 mn debt from Lendable to scale rural solar financing

This article is adapted from ETEntrepreneur

Metafin, a solar financing platform focused on rural MSMEs and households, has raised $10 million in debt from UK-based investment platform Lendable.

The facility, extended through Lendable's Transportation and Energy Fund (LTEF), will be used to finance productive-use solar systems for rural enterprises and small businesses.

"The funding will largely be deployed to support our growth. We will go deeper into the states where we already operate and expand into new geographies like Rajasthan and Madhya Pradesh. The idea is to scale from a base of around 6,500 installations today to nearly 15,000-16,000 over the next year," Sandeep Chopra, co-founder of Metafin told ETEntrepreneur.

The startup operates a retail-scale solar financing model supported by a network of over 1,000 local installers and integrated energy monitoring systems. To date, the company has financed more than 6,500 solar projects across over 4,000 villages in five states.

"By expanding access to affordable clean energy for MSMEs and households in rural communities, Metafin is helping reduce reliance on diesel while delivering meaningful economic and environmental benefits. We are proud to partner with the team as they scale their impact across India," said Maite Pina, head of sustainable finance at Lendable.

The company said its projects have helped offset over 30 million kilograms of CO, emissions and displace 11 million litres of diesel.

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