Luminous Power Technologies, a prominent provider of solar energy solutions in India, has entered into a memorandum of understanding (MoU) with the State Bank of India (SBI), the largest national bank in the country, to improve access to solar financing throughout India. This collaboration aims to streamline the process from financing to installation, facilitating a seamless transition for consumers adopting solar energy.
This long-term partnership, set to last for the next twenty years, includes Luminous as a recommended partner on SBI’s dedicated solar loans portal. The agreement encompasses various financing options, such as solar solutions finance and supply chain finance, offering customized financial assistance for diverse energy requirements across all sectors, including MSMEs, corporate, institutional, commercial, and industrial.
As part of the agreement, eligible customers can access loans of up to ₹10 crore, effectively eliminating financial obstacles to solar adoption. Additionally, customers will enjoy lower loan processing fees and preferential interest rates. Loans will be available for a duration of up to 10 years, with interest rates based on the customer’s credit profile.
Preeti Bajaj, CEO & MD of Luminous Power Technologies, commented, “We are thrilled to collaborate with SBI to improve access to solar financing and comprehensive installation services. Our nationwide survey, the Solar Spectrum of India, highlighted solar financing as a key gap. This partnership allows us to help bridge the divide between solar aspirations and affordability, enabling easier transitions to clean energy solutions.”
Amit Shukla, Head of Energy Solutions Business at Luminous, added, “Partnering with SBI helps us support India’s solar transition. SBI’s extensive network, combined with our end-to-end solutions, will make solar energy more accessible and affordable for both households and businesses. This collaboration reinforces our commitment to accelerating the adoption of clean energy across India.”
Luminous boasts a robust nationwide presence, delivering a comprehensive ecosystem that encompasses solar products, installation, maintenance, financing, and insurance. By partnering with SBI, Luminous utilizes the bank’s extensive distribution network to streamline the process of transitioning from financing to solar installation for consumers.
Customers can access Luminous’ offerings through SBI’s recommended partners, either at bank branches or online. Additionally, Luminous features a digital platform that manages the entire project lifecycle, from site assessment to financing and annual maintenance contracts (AMC). Beyond SBI, Luminous has collaborated with 15 other leading loan service providers, such as SIDBI, ICICI, HDFC, and YES BANK, ensuring a wide range of financing options for various customer segments and regions.
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