Waaree Energies and Ecofy Launch Affordable Rooftop Solar Solutions with Easy Financing for Indian Homeowners

Waaree Energies Limited, recognized as India’s largest solar PV modules manufacturer with an impressive capacity of 12 GW as of June 30, 2023, according to a CRISIL report, has announced a strategic partnership with Ecofy. Ecofy, an NBFC supported by Eversource Capital, focuses on green finance for climate-positive projects and is investing Rs 100 crores in this new collaboration, demonstrating its confidence in Waaree’s expertise and the potential for growth in the renewable energy sector.

This alliance aims to bolster the Indian government’s PM Surya Ghar Yojana 2024 initiative, which promotes the solarisation of households and micro, small, and medium enterprises (MSMEs). The collaboration between Waaree Energies and Ecofy will utilize Waaree’s solar technology prowess and Ecofy’s digital financing solutions to target the installation of solar panels on over 10,000 rooftops, thereby making renewable energy more accessible and affordable.

Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, commented on the partnership’s significance, stating, “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.”

Echoing this sentiment, Pankaj Vassal, President of Sales at Waaree Energies Limited, shared his enthusiasm about the joint endeavor, saying, “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.”

Both Waaree Energies Limited and Ecofy anticipate their partnership will significantly contribute to India’s energy independence goals and assist households in adopting a more sustainable and cost-effective lifestyle.