Brazilian fintech CondoConta has expected to receive requests worth 75mn reais (US$14mn) to finance PV solar power installations this year.
It is expecting this from residential and commercial condominiums. To be noted, the company is focused only on the condominiums market.
According to the company's CEO and co-founder Rodrigo Della Rocca, the firm aims to double that amount in 2023.
He stated that CondoConta’s strong growth is driven by increased remote work that has led to higher energy consumption at homes, and demand from social clubs, a report mentioned. Besides, the expansion of the country’s fleet of electric cars has further boosted the growth.
The report stated that around 12% of the credit requests from condominiums involve solar energy installations. They are mostly based in the states of São Paulo and Pernambuco. The firm operates in all regions of Brazil.
"Besides favoring the environment, we know that the installation of solar panels and individualization of water meters favors the economy in the long term, which ends up paying for the investment,” he was quoted.