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Home » News » Ecofy and Luminous partner to transform solar financing in India

Ecofy and Luminous partner to transform solar financing in India

June 10, 2024 6:24 pm

Ecofy and Luminous partner to transform solar financing in India
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The collaborative effort aims to boost rooftop solar installations, leveraging innovative solutions and favorable market conditions.

 Ecofy, a leading NBFC backed by Eversource Capital, is committed to financing India’s green transition and proudly announces its partnership with Luminous Power Technologies, a renowned name in energy solutions. Leveraging Luminous’ extensive experience and innovative solutions, this collaboration aims to revolutionise the financing landscape for renewable energy projects, particularly in solar power.

With the rooftop solar ecosystem reaching a significant turning point due to the introduction of the PM Surya Ghar Yojana 2024, this initiative marks a pivotal moment in India’s renewable energy journey, especially in the residential and Commercial & Industrial sectors. Given favorable market conditions and governmental support, this partnership is poised to significantly contribute to the nationwide goal of solarising homes and small businesses. Moreover, with available subsidies and rapidly declining solar panel costs, the market is presented with an opportune moment to capitalise on the benefits of rooftop solar installations.

Speaking on the partnership, 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. Luminous’ new factory in Rudrapur cements its role as a major player in the solar energy sector, with a comprehensive ecosystem covering manufacturing, distribution, and installation.”

Amit Shukla, Senior VP & Business Head, Energy Solutions, Luminous Power Technologies said, “This partnership with Ecofy brings us one step closer to the mission of increasing the share for clean energy solutions. Ecofy has a growing share in the financing industry, which allows us to extend our innovative solar solutions for powering homes and businesses. Our efforts lie in constantly engaging with our consumers through new touch points to make their accessibility to energy needs efficient and convenient”. 

Aligned in their vision for a greener future, Ecofy and Luminous together are poised to redefine the financing landscape for renewable energy projects, offering tailored and hassle-free solutions to customers. This strategic alliance underscores their commitment to sustainability and represents a significant step towards accelerating India’s transition to a cleaner and more environmentally conscious energy ecosystem. 

Ecofy is also hosting local events to activate and educate dealers on the benefits and opportunities in the rooftop solar segment. These events also aim to strengthen relationships with local partners. Aligned in their vision for a greener future, Ecofy and Luminous together are poised to redefine the financing landscape for renewable energy projects, offering tailored and hassle-free solutions to customers.

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