Solfin Sustainable Finance Private Ltd (Solfin), a green-focused non-banking financial company, has commissioned its Performance-linked Lease (PLL) offering in Punjab and Himachal Pradesh.
According to a statement by Solfin, the project unites Solfin as the financier, Waaree Energies Ltd as the technology provider, and The BrightQ Solutions as the engineering, procurement and construction (EPC) partner.
These mark the initial projects commissioned under the offering for The Sukhjit Starch & Chemicals Li (Sukhjit), a manufacturer producing starch, related chemicals, and by-products for diverse industries.
PLL supports commercial and industrial (C&I) businesses to transition to solar power with minimal upfront investment. Through this model, payments are based on the power generated by the system, while Solfin manages the asset's performance and maintenance.
Under the PLL, Solfin offers lease tenure of up to 10 years, but customers do not have to wait until the end of the tenure to realise savings. The company stated that electricity savings easily cover the lease payments, while accelerated depreciation provides additional tax benefits to customers.
The ownership of the asset passes to the customer following the end of the lease tenure. The customers can retain the full savings generated by the system.
