Planet
An additional 60MW of renewable power will avoid 10k tCO2e for the planet.
| Company | GuarantCo |
| Sector | Power/Energy |
| Country | India |
| Total Project Cost | USD 14m |
| PIDG Commitment |
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| Dates of PIDG involvement |
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India’s rooftop solar market is sizeable and commercial and industrial (C&I) customers drive the majority of installations, but financing for C&I developer portfolios remain constrained, especially for small and mid-sized developers. Typical commercial bank tenors are often 4–7 years, which is significantly less than typical rooftop PPA durations and the longer technical life of assets, creating refinancing risk and limiting scale. Lenders are also cautious because distributed assets are small ticket, fragmented and contracts can be terminated or access to rooftops constrained, weakening security and residual value assumptions.
PIDG, through GuarantCo, provided a partial (50 per cent) payment default guarantee covering two 10+ year loan facilities totalling INR 2.6 billion by Axis Bank, for BE Onsite Solar Energy Pvt Limited, the India operating company of BECIS, a leading Energy as a Service provider. The financing will support up to 60 MW of solar capacity across India for BECIS’ diversified portfolio of C&I customers.
An additional 60MW of renewable power will avoid 10k tCO2e for the planet.
Circa 45 businesses are expected to benefit from an up to 30 per cent reduction in electricity costs through the rooftop systems installed, which will increase revenues and support job creation.
This transaction will mobilise USD 27m of domestic capital into renewable energy.
The guarantee is supporting the development of greenfield renewable assets and as such, the transaction is Paris Aligned, qualifying as climate mitigation finance.
Through demonstration effects, this transaction should increase lender confidence to extend tenor and scale similar facilities, helping shift the segment from equity-heavy growth and short-tenor products toward repeatable local-currency debt for distributed solar platforms.
