Ecofee, an NBFC backed by Eversource Capital, has tied up with Mahindra Solarise, a solutions provider in the renewable energy sector, to provide financing for rooftop solar installations.
The NBFC said that this collaboration in the retail sector will give Ecofee access to over 50 dealers across Maharashtra, Madhya Pradesh, Gujarat and Rajasthan, expanding its potential customer base by over 5000 customers.
Rajshree Nambiar, Co-Founder and CEO, Ecofee, said, “We strongly believe that our shared commitment, coupled with Mahindra Solarize’s domain expertise and cutting-edge technologies, will help us reach every Indian household. The partnership aims to set up 500 solar rooftops with a credit line of ₹50 crore.
Rakesh Singh, CEO & Executive Director, Mahindra Solarise, said, “The solar rooftop market has huge growth potential, and can expect a total capacity addition of 18.8 GW over the next five years at an average growth rate of 40% (bridge to) India Report). Together, we can help more people make the transition to renewable energy affordably and become energy independent.”