India-based solar module manufacturer Waaree Energies has partnered with Ecofy, a non-banking financial company supported by Eversource Capital, to fund environmentally positive projects.

Ecofy is investing ₹ $1 billion (~$11.9 million) in this collaboration.

Aligned with the government’s PM Surya Ghar Muft Bijli Yojana and capitalizing on favorable market conditions, Waaree said the alliance will help advance India’s shift towards renewable energy.

By combining Waaree Energies’ solar expertise with Ecofy’s digital financing solutions, the initiative aims to expedite the solarization of over 10,000 households and MSMEs, in line with the objectives of PM Surya Ghar Muft Bijli Yojana.

Waaree and Ecofy anticipate playing a vital role in fulfilling India’s energy independence objectives while aiding households in adopting a more environmentally friendly and economically efficient lifestyle.

Kailash Rathi, Head of Partnerships and co-lending at Ecofy, said, “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 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,” Rathi added.

Pankaj Vassal, President of Sales at Waaree Energies, said, “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. This is expected to empower more people to embrace the benefits of clean energy while collectively building a greener, more environmentally conscious India.”

Backed by Eversource Capital, Ecofy collaborates with individuals and small enterprises intending to diminish their carbon footprint and contribute to environmental equilibrium.

Ecofy provides loans for electric vehicles (two and three-wheelers), rooftop solar installations, and small to medium enterprises.

Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹644.6 million (~$7.7 million) in the third quarter of the financial year 2024, an increase of 158%.

Last August, the company raised ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its manufacturing capacity by 6 GW.