Solar Water Pumps for Agriculture Sector: Claro Energy receives USD 2 Million credit facility from RBL Bank

摘要

Claro Energy, a leading solar water pumping solution provider, today announced that it has received a first of its kind USD 2 million credit facility from RBL Bank to scale up its solar pumping business. Of this USD 1 million is a Direct Line of Credit to meet working capital needs and another USD 1 is a commitment from the Bank towards direct farmer financing for Claro Energy's solar water pumps. "Solar pumping is the most useful application of solar energy in India as it is directly connected to farmer's income and food production. As MNRE expands the solar pump program across the country, millions of farmers are going to benefit from solar irrigation, said Soumitra Mishra, Director at Claro Energy. "The credit facility shall be used for meeting our growing working capital needs and towards consumer financing for farmers who wish to buy our solar pumps but can't afford the upfront capex.