New Delhi, 04 August 2021: 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.”

Ananth Aravamundan, Sector Lead, Climate Action, Villgro, said, “Powering Livelihoods has worked with Devidayal Solar for more than a year to scale up its commercial models. End-user financing represents a powerful tool that catalyzes growth both for Devidayal and the small businesses that use their products. This partnership demonstrates how a financing company and a start-up can come together to create jobs and livelihoods based on renewable energy, and hopefully, sets the trend for more such collaborations.”

Abhishek Jain, Fellow and Director - Powering Livelihoods at the Council on Energy, Environment and Water (CEEW), said, “We are all heading towards a clean energy future. Why should the rural or vulnerable population be left off its benefits? Devidayal Solar’s refrigerators and freezers are powering the livelihoods and aspirations of hundreds of rural youth and women. While economically attractive in the long run, clean energy solutions need upfront investment. The end-user financing facility announced between Ashva Finance and Devidayal Solar is particularly exciting as it helps overcome the upfront cost barrier. We are glad that Powering Livelihoods could support this partnership to further its mission of mainstreaming clean energy for rural livelihoods.”

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.

Contact: Riddhima Sethi, riddhima.sethi@ceew.in; Akshata Surej (Villgro), akshata@villgro.org