Metro India News | Hyderabad :

Federal Bank on Wednesday has announced a partnership with Ecofy, India’s first green-only NBFC, backed by Eversource Capital,to offer financing for MSMEs investing in commercial rooftop solar installations. The program targets financing 3,600 kW of rooftop solar installations annually while reducing  2,500 tons of CO2 emissions . Financial constraints have hindered the  transition of MSME to renewable energy, with many institutions either reluctant to lend or offering loans at high interest rates.

Shalini Warrier, Executive Director at Federal Bank commented that by offering accessible financing for commercial rooftop solar equipment, they are empowering MSMEs to reduce electricity costs while at the same time contributing meaningfully to India’s climate goals.

Rajashree Nambiar, Co-founder, Managing Director& CEO at Ecofy said that their partnership with Federal Bank was to finance opportunities for solar installations in the 20-200 KW range.

While Federal Bank has a specific green loan scheme to fund solar and other green initiatives for Business Banking customers, Ecofy brings extensive expertise to this partnership, having made remarkable strides in solarizing residential and commercial rooftops over the past 24 months. It  Partners with firms like Tata Power, Waaree, Luminous, and Mahindra Solarize.