In a major step toward accelerating solar adoption in India, Luminous Power Technologies, a leading solar energy solutions company, has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to expand access to solar financing across the country. This partnership aims to streamline the consumer journey from financing to installation, ensuring a seamless transition to solar energy.
Through this collaboration, Luminous has been on-boarded by SBI as its recommended partner in the bank’s dedicated portal for solar loans. The initiative facilitates loans of up to ₹10 crore for customers across commercial and industrial sectors, making solar energy more accessible and financially viable. The alliance, spanning the next two decades, will include various financing subcategories such as solar solution finance and supply chain finance, catering to MSMEs, corporations, institutions, and industrial businesses.
Under the agreement, eligible customers can avail loans of up to ₹10 crore with reduced processing fees and a special interest rate, making it one of the most competitive financing options in the market. Loan durations will extend up to 10 years, with interest rates determined based on the customer’s credit profile.
Preeti Bajaj, CEO & MD of Luminous Power Technologies, expressed enthusiasm about the collaboration, stating, “We are excited to partner with the State Bank of India in facilitating solar financing and providing end-to-end solar installation and service support to customers across commercial and industrial verticals. Our nationwide survey, ‘The Solar Spectrum of India,’ identified solar financing as a key gap, and this partnership will empower people to transition to sustainable energy solutions with ease and confidence.”
Amit Shukla, Head of the Energy Solutions Business at Luminous, added, “SBI’s extensive reach and trusted banking solutions, combined with our end-to-end solar expertise, will enable more customers to seamlessly adopt solar energy. This collaboration underscores our commitment to making clean energy more accessible and affordable for all.”
Luminous, with its strong nationwide presence, has built a comprehensive ecosystem offering solar products, installation, annual maintenance, financing, and insurance solutions. By leveraging SBI’s vast distribution network of over 22,000 branches, this partnership will ensure a hassle-free transition to solar power for customers.
Customers can opt for Luminous solar solutions from SBI’s recommended partners at bank branches or through the online platform. Luminous’ digital interface provides complete project management, from site assessment to financing and annual maintenance contracts (AMC), offering both in-person consultations and digital experiences.
Beyond its partnership with SBI, Luminous has also collaborated with 15 other leading loan service providers, including SIDBI, ICICI, HDFC, IDFC, YES BANK, CREDITFAIR, ECOFY, and others, ensuring widespread financing coverage across various industry segments and geographical regions.
