Tindo Solar and Moula Pay offer working capital to customers
Australia’s only solar panel maker, Tindo Solar, has teamed up with corporate finance expert Moula Pay to allow dealers and installers to increase their solar panel stocks interest-free.
The partnership enables more than 1,000 Tindo Solar panel installers and resellers to purchase up to $250,000 worth of solar panels from the Adelaide-based company, accessing an unsecured spending limit from Moula Pay that bridges the working capital and the long-term payment gap.
Approved installers will now be able to source using a Moula Pay spend limit, accessing payment terms, with up to three months interest-free and refund-free.
Or they can repay over a longer period if they need to.
Tindo CEO Shayne Jaenisch said the solar installation industry has a working capital problem as installers and resellers have to acquire their solar panel inventory before installing and getting paid.
The more work an installation company earned, the greater its overhead to secure the solar panels.
Jaenisch said, “It can be difficult for our customers because the industry is so competitive that they need to have inventory for their installations or customers can easily go elsewhere.
“And to secure their stock, they have to buy it.
“Holding just 100 signs can cost around $25,000 – if they have a lot of work, they’ll have 500 signs ready to go.”
Jaenisch said the lack of working capital in this industry has caused business owners to put their family home as collateral.
“Moula entered the industry with an excellent financing solution.
“We get paid immediately and release stock, and our client has up to three months interest free.
“Moula are the experts in this type of lending – they stay close to the borrower, so they don’t guarantee the ease. We expect a lot of our clients to use the finance.
Tindo Solar employs 50 people at its new $11 million factory in Mawson Lakes, Adelaide.
Photo: Tindo Solar Factory/Adelaide
Subscribe for free to our @AuManufacturing newsletter here.
