This publication by Intellecap in partnership with Shakti Sustainable Energy Foundation, New Delhi reviews the financing needs of Decentralized Renewable Energy (DRE) enterprises across various growth stages as well as business models and explores the design of alternative structures to seal the gaps in the prevailing Indian scenario. DRE enterprises in India, particularly those involved in rural electrification as Energy service companies (ESCOs), face challenges in accessing finance on account of high-risk perception and low overall returns with longer paybacks. The absence of suitable financing and capital that is high-risk low-return has limited the wide scale impact these enterprises have on low-income populations by enabling access to clean energy and generating livelihood options using energy as the enabler.