Mahindra Solarize, Ecofy Collaborate for 500 Solar Rooftops in Retail Segment

Solar energy firm Mahindra Solarize has announced collaboration with Ecofy to step-up financing and installation of rooftop solar in the retail segment. Ecofy is an NBFC. Mahindra Solarize will help facilitate collateral free loans for solar rooftop installation. This will help in to accelerate green energy adoption in India.

Both Mahindra Solarize and Ecofy believe that their partnership will help reduce the electricity costs when rooftop panels are employed in buildings. “The solar rooftop installation should lower monthly electricity costs by about 70% for homes and businesses” said Rakesh Singh, CEO & Executive Director of Mahindra Solarize.

He added, “We are excited to partner with Ecofy as it allows us to offer our solutions to customers along with access to affordable financing. The solar rooftop market holds huge growth potential, and one can expect a total capacity addition of 18.8 GW in the next five years at an average growth rate of 40%.”

Rajashree Nambiar, CEO of Ecofy, stated, “The market for solar rooftops has a lot of potential, and the government is encouraging people to adopt sustainable energy at their homes and businesses. We are happy to collaborate with Mahindra Solarize and we strongly believe that our shared commitment, along with their sector expertise and cutting-edge technologies, will help us reach every Indian household. This partnership aims to install 500 solar rooftops with a credit line of Rs 50 crore.”

Through the collaboration with Mahindra Solarize, Ecofy will get access to over 50 dealers in Maharashtra, Madhya Pradesh, Gujarat and Rajasthan. This is expected to help in increasing its client base by over 5000 in numbers.

Ecofy is promoted by Eversource Capital and the firm looks to be a key catalyst in accelerating the net zero carbon transition throughout the world. Ecofy collaborates with individuals and small businesses that looks to reduce their carbon footprint.

Ecofy directly offers loans for electric vehicles and rooftop solar segments mainly.