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Home » News » Waaree Energies and Ecofy team up to offer affordable rooftop solar 

Waaree Energies and Ecofy team up to offer affordable rooftop solar 

May 8, 2024 4:03 pm

Waaree Energies and Ecofy team up to offer affordable rooftop solar 
.

This groundbreaking partnership is set to revolutionise India’s renewable energy landscape. It will offer increased accessibility and financial support for homeowners while also creating new investment opportunities and driving sustainable growth for MSMEs.

In a groundbreaking move poised to revolutionise India’s approach to renewable energy, Waaree Energies Limited, the nation’s leading solar PV module manufacturer, has joined forces with Ecofy, a non-banking financial company (NBFC) specialising in green finance. This initiative aligns seamlessly with the government’s ambitious PM Surya Ghar Yojana 2024, aiming to solarise over 10,000 rooftops across households and MSMEs, making renewable energy solutions more accessible and affordable.

Waaree Energies Limited and Ecofy empower Indian homeowners with affordable rooftop solar solutions and hassle-free financing.

As a testament to their confidence in the partnership and the growth potential of the renewable energy sector, Ecofy is committing a substantial ₹ 100 crore to the initiative. This significant financial backing from Ecofy, an NBFC backed by Eversource Capital, further solidifies the potential impact of the collaboration on India’s renewable energy transition.

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. 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 MSMEs,” said Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy,

 He added, “Our collaboration with Waaree signifies a milestone towards solar adoption at a time when the industry is at an inflexion point. Over the past 15 months, Ecofy has empowered over 5,000 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.”

Pankaj Vassal, President of Sales at Waaree Energies Limited, expressed enthusiasm for the collaboration, stating, “Our partnership with Ecofy represents progress towards democratising solar power accessibility. By integrating our solar solutions with Ecofy’s financing platform, we are working towards removing barriers and 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.”

Waaree Energies Limited and Ecofy expect to play a significant role in achieving India’s energy independence goals while assisting households in embracing a greener, more cost-effective way of living. Waaree Energies Limited and Ecofy have partnered strategically to achieve India’s energy independence and sustainability goals. The partnership combines top-tier solar technology with flexible financing options to improve quality of life and promote a greener future.

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