Claro Energy, a leading solar water pumping solution provider, today announced that it has received a first of its kind USD 2 million credit facility from RBL Bank to scale up its solar pumping business. Of this USD 1 million is a Direct Line of Credit to meet working capital needs and another USD 1 is a commitment from the Bank towards direct farmer financing for Claro Energy’s solar water pumps.
"Solar pumping is the most useful application of solar energy in India as it is directly connected to farmer's income and food production. As MNRE expands the solar pump program across the country, millions of farmers are going to benefit from solar irrigation, said Soumitra Mishra, Director at Claro Energy. "The credit facility shall be used for meeting our growing working capital needs and towards consumer financing for farmers who wish to buy our solar pumps but can’t afford the upfront capex. This credit facility comes at the right time as the solar pumping industry is witnessing explosive growth and with our extensive on-ground experience we’re nicely positioned to capitalize on that. This will help solidify our leading position in the industry. "
With a team of over 100, Claro Energy currently operates in 10 states across the country and has installed solar pumps from 1HP to 10HP across drinking water, irrigation, purification and aquaculture applications.
"RBL bank is committed to provide financial services for supporting sustainable energy efficient irrigation systems and renewable energy programs for farmers. Claro Energy's focus on solar pumps and expertise in installation, demand aggregation and innovative business models makes them an ideal candidate for the credit facility," said Manoj Rawat, Head Agri Business at RBL Bank. "Agriculture sector would be more profitable if the farmers have efficient irrigation system and optimised cost of fuel. With little maintenance requirements, the solar pump deployed on field by high quality system integrator will help farmers adopt this new system. As a bank we are continuously working with various stakeholders to support the sustainable models in renewable and clean energy especially solar energy sector."
The tie up comes even as the Union Government has announced a provision of Rs 1,000 crore for promoting solar energy in the country. This comprises of an allocation of Rs 500 crore for Ultra Mega Solar Projects in Rajasthan, Gujarat, Tamil Nadu, Andhra Pradesh and Ladakh; a provision of Rs 400 crore for schemes for solar power driven agricultural pump sets and water pumping stations; and a provision of Rs 100 crore for the development of 1 MW Solar Parks on the banks of canals.
Many state governments like, Andhra Pradesh Madhya Pradesh and Rajasthan are planning capacity additions while the Maharashtra Government has announced plans to roll out over half a million solar pumps for farms. This shall play an important role in Climate Change and reduction of carbon foot prints.
About Claro Energy
Claro Energy has strong technical expertise, service capabilities and collaborations to develop best-in-class solar water pumping solutions which enjoy high brand equity in the markets that it operates. The company installs and maintains solar pumps in remote rural areas where access to 3 phase power is limited and diesel dependence is high. The company was founded in 2011 by graduates from the Kellogg School of Management and has some notable angel investors on board including Arun Singhal, Kashyap Deorah, Sheetal Bahl, Abraham Thomas, and Zishaan Hayatt.
About RBL
About RBL Bank (Ratnakar Bank) RBL Bank is one of India’s fastest growing scheduled commercial banks with an expanding presence across the country. It has currently grown to a network of over 180 branches / 350 ATMs across 13 Indian states and Union Territories and has been rated as "India’s Best Bank (Growth)" in the mid - sized bank segment by Business Today - KPMG study in 2012 & 2013 & 2014. RBL Bank has also been honoured by the World Economic Forum as a Global Growth Company in 2014.
Established in 1943, RBL Bank undertook a transformational journey under a new management team in 2010, it embarked on an aggressive growth plan based on a robust platform of professional governance, relationships, technology infrastructure, high quality capital and geographic expansion. Today, RBL Bank offers specialized services under the five business verticals namely: Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking and Financial Markets. The Bank currently services more than 10,00,000 customers and has a total business size of over Rs. 20,000 Crores. Over the last three years, it has infused capital of over Rs. 1,500 Crores from some of the most notable global and domestic names; taking the TIER 1 capital to Rs. 2,000 Crores (approx.) For more information, please visit www.rblbank.com
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