NBFC firm Ecofy partners with Luminous to accelerate solar adoption

Eversource Capital-backed NBFC firm Ecofy has announced a strategic partnership with Luminous Power Technologies. The partnership aims to transform the financing landscape for renewable energy projects, particularly in the solar power domain. 

The role of PM Surya Ghar Yojana 2024

The introduction of the PM Surya Ghar Yojana 2024 marks a pivotal moment for the rooftop solar ecosystem in India.

The initiative, combined with favorable market conditions and robust government support, positions the Ecofy-Luminous partnership as a crucial driver in boosting solar power adoption across residential, commercial, and industrial sectors.

With subsidies available and the declining costs of solar panels, the timing is perfect for widespread rooftop solar installations.

Simplified financing solutions for solar projects

The partnership between Ecofy and Luminous Power Technologies aims to significantly advance the solarization of homes and small businesses across India.

Together, they will offer customized and hassle-free financing solutions to customers, making the transition to renewable energy smoother.

Swapnil Wakade, Business Head – Residential Rooftop Solar at Ecofy, said, "We are thrilled to announce our partnership with Luminous Power Technologies, focused on simplifying financing for sustainable energy projects. Over the past 17 months, Ecofy has efficiently processed over 20,000 rooftop solar applications, showcasing our strong commitment to sustainable energy solutions."

Enhancing solar capabilities with a new manufacturing facility

Luminous Power Technologies has reinforced its position as a major player in the solar energy sector with the inauguration of a new manufacturing facility in Rudrapur. This factory enhances Luminous' capabilities in manufacturing, distribution, and installation of solar solutions.

Amit Shukla, Senior vice president and business Head of energy Solutions at Luminous Power Technologies, stated, “This partnership with Ecofy brings us one step closer to our mission of increasing the share of clean energy solutions. Ecofy’s growing presence in the financing industry allows us to extend our innovative solar solutions to power homes and businesses.”

Notably, Ecofy is also organizing local events to educate dealers on the benefits and opportunities within the rooftop solar segment, aiming to strengthen relationships with local partners.