In a significant development in India's renewable energy sector, Waaree Energies Limited, one of the country's largest manufacturer of solar PV modules, has partnered with Ecofy, a green finance company backed by Eversource Capital. This collaboration aims to offer affordable rooftop solar solutions to Indian homeowners and small businesses while providing hassle-free financing options.
Waaree Energies Limited boasts the largest aggregate installed capacity of 12 GW of solar PV modules as of June 30, 2023, according to a CRISIL report. Ecofy, on the other hand, is committed to providing green finance for climate-positive initiatives and has pledged Rs 100 crores into the partnership. This investment underscores Ecofy's confidence in Waaree's capabilities and reflects the growth potential of the renewable energy sector in India.
The collaboration between Waaree and Ecofy comes at a time when the Indian government is actively promoting renewable energy initiatives like the PM Surya Ghar Yojana 2024. By leveraging favorable market conditions and combining Waaree's solar expertise with Ecofy's digital financing solutions, the partnership aims to accelerate the solarization of over 10,000 rooftops across households and MSMEs.
Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, highlighted the significance of the collaboration in driving solar adoption in India's evolving energy landscape. He emphasized Ecofy's track record of empowering rooftop solar customers and its commitment to product innovation and instant approvals, especially as the country prepares for the peak solar season.
Pankaj Vassal, President of Sales at Waaree Energies Limited, expressed enthusiasm for the partnership, emphasizing its role in democratizing solar power accessibility. By integrating Waaree's solar solutions with Ecofy's financing platform, the collaboration aims to remove barriers and accelerate the adoption of solar power across households and businesses.
The collaboration between Waaree Energies and Ecofy is expected to play a significant role in achieving India's energy independence goals and assisting households in embracing a greener, more cost-effective way of living. As India continues its transition towards renewable energy, initiatives like these are crucial in driving sustainable development and combating climate change.
