Devidayal Solar Solutions, a Mumbai-based distributed renewable energy company has struck a Rs 10 million deal with Ashv Finance. This end-user finance commitment is expected to open up financing opportunities for over 200 micro and small businesses across Uttar Pradesh, Assam, and Rajasthan resulting in doubling of solar refrigerator sales for Devidayal Solar Solutions in India.
Small businesses and retail vendors in locations with intermittent electricity have used solar refrigerators to extend the shelf life of their products resulting in better prices and product quality. Devidayal Solar Solutions has installed 335 solar freezers in dairy, fishery, restaurants, and retail in 12 Indian states to date, increasing end-user monthly incomes by up to Rs 4,000 to Rs 7,000. These deployments are expected to save roughly 800 tonnes of greenhouse gas emissions over their lifetime.
Devidayal Solar is supported by Powering Livelihoods, a CEEW-Villgro initiative. Founded in 1998, Ashv Finance is a technology-driven non-banking financial company that empowers India’s small and growing enterprises.