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Luminous Power Technologies, a leading provider of solar energy solutions in India, has entered into a strategic partnership with the State Bank of India (SBI) to enhance access to solar financing across the country. This collaboration is aimed at accelerating the adoption of solar energy by providing customers with easier and more affordable financing options. Through this agreement, Luminous has been onboarded as a recommended partner on SBI’s dedicated solar loan portal, enabling individuals and businesses to secure funding for solar installations with greater convenience. The partnership between Luminous and SBI is set to be a long-term alliance spanning over the next two decades. It encompasses various financing options, including solar solution finance and supply chain finance, to cater to diverse energy needs. The initiative extends across multiple sectors, including MSMEs, corporate entities, institutions, and commercial and industrial businesses, ensuring that a broad range of customers can benefit from tailored financial solutions for their solar energy requirements. Under this agreement, customers will have access to loans of up to ?10 crore, effectively eliminating financial barriers that often hinder solar adoption. These loans will be available with competitive interest rates and reduced processing fees, making them one of the most attractive financing options in the market. The repayment tenure for these loans extends up to 10 years, with interest rates determined based on the borrower’s credit profile. By facilitating substantial financial support, this initiative is expected to drive a significant increase in the number of solar installations across the country. Luminous has established a comprehensive ecosystem that covers solar product distribution, installation services, annual maintenance, financing, and insurance solutions. By leveraging SBI’s vast distribution network of over 22,000 branches, the partnership aims to streamline the entire consumer journey, from financing approval to the seamless installation of solar systems. Customers can opt for Luminous’ solar solutions through SBI’s bank branches or digital platforms, ensuring accessibility through both physical and online channels. Additionally, Luminous’ digital platform offers complete project management, including site assessment, financing options, and annual maintenance contracts (AMC), allowing consumers to choose between in-person consultations or a fully digital experience. Preeti Bajaj, CEO & MD, Luminous Power Technologies, said in a statement, “We are excited to partner with the State Bank of India in facilitating solar financing and end-to-end solar installation and service support to consumers across commercial and industrial verticals. Last year, we had identified solar financing as a key gap area in our nationwide survey, the Solar Spectrum of India. Acting on this insight, this collaboration will empower people to transition to sustainable solar energy solutions, marking a crucial step in bridging the gap between solar aspirations and affordability. By integrating financing seamlessly into the solar journey, we are enabling more individuals and businesses to adopt clean energy with ease and confidence.” Amit Shukla, Head, Energy Solutions Business, Luminous Power Technologies, stated, “Partnering with State Bank of India supports our vision to contribute significantly towards India’s solar adoption. SBI is a trusted name with an extensive reach and deep-rooted presence across every corner of the country. Their robust banking solutions coupled with our end-to-end solar solutions and wide customer base will empower more consumers to seamlessly adopt solar energy in their homes and enterprises. This strategic collaboration reflects our commitment to making clean energy more accessible and affordable, helping customers transition to a sustainable future with greater ease and confidence.” Beyond this key partnership with SBI, Luminous has also collaborated with 15 other leading financial institutions to further expand its reach and accessibility. These financial partners include SIDBI, ICICI, HDFC, IDFC, YES BANK, CREDITFAIR, ECOFY, EFL, ANNAPURNA, UGRO CAPITAL, BAJAJ FINSERV, SIEMENS FINANCIAL SERVICES, AEREM, and FUSION MICROFINANCE. With such a wide range of financing partners, Luminous ensures extensive coverage across different customer segments, industries, and geographical locations. This initiative aligns with Luminous’ core philosophy of putting the customer at the center of its operations. By making solar energy financing more accessible and affordable, Luminous continues to play a crucial role in democratizing solar energy adoption in India. Through its partnerships with major financial institutions and its commitment to delivering end-to-end solar solutions, the company is actively contributing to India’s transition towards sustainable and renewable energy sources. |
