Ecofy & Luminous Power Technologies to increase mass solar energy adoption

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Ecofy & Luminous Power Technologies to increase mass solar energy adoption

Ecofy & Luminous Power Technologies to increase mass solar energy adoption

Industry News
Jun 10,24

The vast availability of subsidies, coupled with the rapidly declining costs of solar panels; the market is presented with a moment to capitalise on the benefits of rooftop solar installations.

Ecofy & Luminous Power Technologies to increase mass solar energy adoption

Ecofy, a leading NBFC backed by Eversource Capital, announces its partnership with Luminous Power Technologies, an energy solutions provider. Leveraging Luminous’ extensive experience and innovative solutions, this move seeks to revolutionise the financing landscape for renewable energy projects, particularly in the realm of solar power.

With the rooftop solar ecosystem experiencing a significant turning point with the introduction of the PM Surya Ghar Yojana 2024, this initiative marks a pivotal moment in India’s renewable energy journey, particularly in the residential and Commercial & Industrial sectors. With favourable market conditions and governmental support, this partnership is to make substantial contributions to the nationwide goal of solarising homes and small businesses. Moreover, with the availability of subsidies, coupled with the rapidly declining costs of solar panels, the market is presented with a moment to capitalise on the benefits of rooftop solar installations.

Swapnil Wakade, Business Head – Residential Rooftop Solar, Ecofy, commented, "We are thrilled to announce our partnership with Luminous Power Technologies, focused on simplifying financing for sustainable energy projects. Over the past 17 months, Ecofy has efficiently processed over 20,000 rooftop solar applications, showcasing our strong commitment to sustainable energy solutions. Luminous’ new factory in Rudrapur cements its role as a major player in the solar energy sector, with a comprehensive ecosystem covering manufacturing, distribution, and installation."

Amit Shukla, Senior VP & Business Head- Energy Solutions, Luminous Power Technologies said, “This partnership with Ecofy brings us one step closer to the mission of increasing the share for clean energy solutions. Ecofy has a growing share in the financing industry, which allows us to extend our innovative solar solutions for powering homes and businesses. Our efforts lie in constantly engaging with our consumers through new touch points to make their accessibility to energy needs efficient and convenient”.

Aligned in their vision for a greener future, Ecofy and Luminous together are to redefine the financing landscape for renewable energy projects, offering tailored and hassle-free solutions to customers. This alliance illustrates their commitment to sustainability. It also represents a step towards accelerating India's transition to a cleaner and more environmentally conscious energy ecosystem.

Ecofy also hosts local events to activate and educate dealers on the benefits and opportunities in the rooftop solar segment. These events aim to strengthen relationships with local partners. Aligned in their vision for a greener future, Ecofy and Luminous are to redefine the landscape for clean energy projects.