New Delhi : Powering Livelihoods backed Devidayal Solar Solutions, a Mumbai-based Distributed Renewable Energy (DRE) appliances innovator, signed an INR 1 crore deal with Ashv Finance, which enables micro and small businesses in areas with unreliable electricity to purchase their solar refrigerators. This end-user financing commitment is estimated to unlock financing opportunities for around 200 micro and small enterprises across Uttar Pradesh, Assam and Rajasthan and is expected to result in a doubling of sales for Devidayal Solar in India this year.
Tushar Devidayal, Founder and Managing Director, Devidayal Solar, said, “We are excited to provide end-user financing for our solar refrigerator customers. This is a positive development for the consumer, who will be able to match EMIs with her income stream. This may well be an inflexion point in the growth of our company and uptake of solar refrigerators in India. Powering Livelihoods has been a strong supporter of our vision for DRE end-user financing.”
Solar refrigerators have helped small enterprises and retail vendors in areas with unreliable electricity to prolong the shelf-life of their products and produce, resulting in better prices and quality of goods for both. The agreement will lead to increased uptake of clean energy appliances in weak-grid and off-grid areas.
Devidayal Solar has deployed 335 solar refrigerators in 12 Indian states to date in dairy, fisheries, restaurants, and retail. It has improved the monthly incomes of end-users by up to INR 4,000 – 7,000. Further, it is estimated that these deployments can reduce ~800 tonnes of greenhouse gas emissions in their lifetime. Devidayal Solar’s products have reduced food wastage and spoilage and have supported many women entrepreneurs in the agri- and allied businesses. In response to the COVID-19 pandemic, Devidayal Solar has also developed a solar maternity solution to detect comorbidities such as high blood pressure and diabetes.