WAAREE Gets 500 Cr Credit Line for Solar Projects

WAAREE Energies, India’s largest solar panel manufacturer, has entered into an agreement with the State Bank of India (SBI) for availing unsecured financing for solar projects through Surya Shakti Solar Finance Scheme and providing working capital for Channel Partners under EDFS (Electronic dealer finance scheme). The credit line is for upto Rs 500 crores for now.

The Surya Shakti Solar Finance Scheme by SBI is targeted at SMEs, with a minimum solar capacity requirement of 1 MW. Loan amounts are for a maximum of RS 4 crores, with a 20% margin, and repayment periods of as long as 10 years with a six month moratorium.

With this arrangement, WAAREE intends to leverage the credit line to provide a digital platform for hassle-free journey to loan applicants for financing solar projects.

WAAREE has one of the broadest reach across India through its Channel partner network. This unsecured financing facility to be used by Commercial Institutions, Industries, Resorts, hotels, manufacturing units, warehouses for adopting solar as their new energy source will thus help expand solar coverage considerably. WAAREE claims that the entire ecosystem has been set up to ensure that the customers get all necessary support and guidance to choose the right equipment, resolve technical issues at their doorsteps, and expedite approvals of loans.

Recently, WAAREE became the first manufacturer in India to get a 650Wp solar panel listed in ALMM (Approved list of module manufacturers). WAAREE’s state of the art panel manufacturing facilities are equipped to manufacture panels above 540 Wp, thus catering to the demand for quality, high-efficiency solar panels. PVEL, a globally recognized Lab in photovoltaic testing, has listed WAAREE as the Top Performers in its 2022 Scorecard which is published to highlight the performance of global manufacturers.

For SBI, the arrangement offers yet one more to expand and better understand the solar sector, where funding is sorely needed to support expansion. Banks have usually held off due to misgivings over the quality of assets as well as project understanding. Now, by going with a national player and unsecured financing, it is trying out a new model to support solar growth across India. The combination of it’s own massive reach and WAAREE’s own 388 strong network across India should make for a very fruitful association for solar buyers hopefully.