Non-banking finance company (NBFC) Ecofy, which is focused on green financing, tied up with Tata Power Solar Systems Ltd. to finance solar solutions such as solar rooftops, EPC services, and other solar products for customers who are adopting sustainable and natural modes of energy.
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Ecofy said it would lend to individuals and small businesses that seek to procure various solar services from leading solar energy companies thereby helping India to achieve net zero goals.
In addition, this collaboration will enable the company to establish over 1,500 installations and reach out to over 400 dealers, distributors, households, commercial spaces, industries in seven States namely Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Karnataka, Telangana and Goa.
Govind Sankaranarayanan, Co-Founder & COO of Ecofy, said, “The current capacity of rooftop solar stands at approximately 9 GW, projected to grow at a 15% CAGR over the next five years. Given the thriving solar rooftop market and the government’s robust backing for sustainable energy adoption, this partnership is set to have a substantial impact.”
“Tata Power Solar Systems Ltd. is a veritable giant in the industry, and we look forward to working together to drive the extensive adoption of solar energy,” he added.