Waaree Energies partners Ecofy for low-cost finance to rooftop solar customers

Waaree Energies Ltd, India’s largest solar PV module manufacturer, has collaborated with Ecofy, a non-banking finance company backed by Eversource Capital, to provide low-cost, hassle-free finance to homeowners and MSMEs adopting rooftop solar systems. Ecofy has committed INR 100 crore into the partnership.

The partnership will leverage Waaree Energies’ solar expertise and Ecofy’s digital financing solutions to accelerate the solarisation of over 10,000 rooftops across households and MSMEs, contributing to the government’s target under PM Surya Ghar Yojana 2024.

Kailash Rathi, head of partnerships and co-lending at Ecofy, said, ” 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.”

Pankaj Vassal, president-sales at Waaree Energies, said, “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.”

Waaree Energies had an installed PV module manufacturing capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report). It has four solar module manufacturing facilities in India, with international presence.