Ecofy Partners With Waaree Energies For Low-Cost Solar Finance

Rooftop-Solar-Linked NBFC Invests Rs 100 Crore In Waaree Energies To Solarise Households

Solar PV module maker Waaree Energies Limited has signed an agreement with rooftop solar financing firm Ecofy, an NBFC backed by Eversource Capital, committed to providing green finance for solar projects from Waaree.

According to a statement by Waaree Energies, Ecofy has committed Rs 100 crore to partnering with Waaree Energies for boosting solar finance. Among other initiatives, a key target is financing for PM Suryaghar beneficiaries, as that is expected to be a very high area of demand, based on initial response to the scheme.

Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, added, “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, and aid in accelerating solar adoption and penetration across diverse segments of society.”

“Complementing the government’s PM Surya Ghar Yojana 2024 and leveraging favourable market conditions, this partnership is expected to contribute to India’s renewable energy transition. By synergising Waaree Energies Limited’s solar expertise with Ecofy’s digital financing solutions, through the initiative we aim to accelerate the solarisation of over 10,000 rooftops across households and MSMEs, as envisioned in the PM Surya Ghar Yojana 2024,” said Waaree Energies. The company also added, “Through this partnership, we intend to make clean energy more accessible and affordable for homeowners, aiding in achieving the nationwide objective of solarising households and MSME’s.”

Pankaj Vassal, President of Sales at Waaree Energies Limited, expressed enthusiasm for the collaboration, 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.”

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Ecofy will bring to the table its experience with financing solar rooftop systems, and a faster processing period for loan applications. For Waaree energies, with the highest approved capacity in the  ALMM list, the partnership will be just one of many it will seek to ensure it remains a top supplier to the biggest residential solar rooftop scheme in the country.

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