Eversource Capital-backed Ecofy, India's green-only NBFC dedicated to funding the country's green transition, has announced a partnership with SWELECT Energy Systems Limited (previously Numeric Power Systems Limited), one of India's top names in the solar power ecosystem with a four-decade legacy and a dominant position in the global energy market.
In order to democratize solar energy access throughout South India, their partnership combines SWELECT's production and distribution capabilities with Ecofy's experience in digital financing.
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Collabration Benifit
The collaboration also intends to speed up rooftop solar installation acceptance by offering easily accessible financing options, and it is strategically connected with the government's PM Surya Ghar project. Utilizing SWELECT's well-established presence in the southern markets and Ecofy's leading position in the rooftop solar industry, the partnership aims to develop a smooth ecosystem for clients looking to switch to sustainable energy sources.
Commenting on the development, Rajashree Nambiar, Co-founder, MD & CEO, Ecofy said, “The convergence of government initiatives, technological progress, and rising environmental awareness has created the perfect storm for solar adoption. Our partnership with SWELECT blends financial innovation with technical expertise. By combining our digital-first lending approach with SWELECT’s manufacturing and distribution strengths, we’re not just offering financing solutions – we are paving the way for households & MSME’s in South India to achieve energy independence.
Also commenting on the partnership, Mr R Chellappan, MD, SWELECT Energy Systems Ltd., added, “With four decades of expertise in the energy sector, we recognize that financing remains a critical barrier for the masses when it comes to solar adoption. Our collaboration with Ecofy addresses this challenge head-on. This partnership embodies our commitment to making sustainable energy accessible and affordable for every household in the region.”
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