Global solar energy supplier, Proinso is to provide PPA-model financing for distributed generation solar projects 100kW – 5MW across India.
Proniso claimed the new finance scheme would provide “quality equipment and optimised systems without the capital expenditure hurdle”.
CEO Mark Randall told PV Tech the initial roll out will be capped at a 20MW tranche untill the end of Q1 2015, with a review to use capital already raised to hopefully provide more financing in India. “Our ambitions in India are pretty big, we're hoping it will be or second biggest market after the US, and by 2017 it will be the biggest.”
Randall said the financing programme is hoping to provide quality systems for high yield installations – without needing a large upfront capital investment.
Proinso will supply Jinko Modules, SMA and ZeverSolar Inverters, Mecasolar trackers, rooftop as well as ground mounting structures as part of the new financing programme.
Proinso said the programme is flexible with other finance models and it is training installers to keep up with national demand.
Kunal Chandra, director of Proinso South Asia said: “India has significant drivers in its solar market but there are hurdles which have slowed the deployment in distributed generation.”
“Increasing availability on the already present grid is a challenge,” he added. The funding is hoping to address this.
Chandra also said the company is working on providing finance for medium-sized, off-grid project finance, and is also looking at crowd funding off grid hybrid diesel projects in India.