Waaree Energies partners with Ecofy to offer loans for loans for solar rooftop projects

Waaree Energies Limited, India's largest solar PV module manufacturer, recently announced a strategic partnership with Ecofy, an NBFC backed by Eversource Capital. 

The collaboration aims to provide Indian homeowners with affordable rooftop solar solutions and hassle-free financing. Ecofy has committed Rs 100 crores to this partnership, showcasing confidence in Waaree's capabilities and the renewable energy sector's growth potential.

Aligning with PM Surya Ghar Yojana 2024

Aligning with the PM Surya Ghar Yojana 2024, the partnership leverages Waaree's solar expertise and Ecofy's digital financing solutions to accelerate the solarization of over 10,000 rooftops across households and MSMEs.

The initiative will significantly contribute to India's renewable energy transition by making clean energy more accessible and affordable.

Catalyzing solar adoption  

Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, highlighted the significance of this collaboration, stating, "Our collaboration with Waaree signifies a milestone towards solar adoption at a time when the industry is at an inflection point. Over the past 15 months, Ecofy has empowered over 5000 rooftop solar customers."

"We have invested heavily in this segment, enabling penetration through product innovation and instant approvals. As the country prepares for the peak solar season, the collaboration between Ecofy and Waaree is expected to act as a catalyst, aiding in accelerating solar adoption and penetration across diverse segments of society," Rathi said.

Democratizing solar power  

Pankaj Vassal, President of Sales at Waaree Energies Limited, expressed enthusiasm about the partnership, stating, "Our partnership with Ecofy represents progress towards democratizing solar power accessibility."

"By integrating our solar solutions with Ecofy's financing platform, we are working towards removing barriers and aiding in accelerating the adoption of solar power across households and businesses. Ultimately, this is expected to empower more people to embrace the benefits of clean energy while collectively building a greener, more environmentally-conscious India," Vassal said.

Offering loans for rooftop solar systems

Ecofy aims to accelerate the transition towards a net zero-carbon world by partnering with individuals and small businesses seeking to reduce their carbon footprint.

The partnership will offer loans for rooftop solar systems, electric vehicles, and small-medium enterprises through a seamless digital experience.