Freyr Energy taps Axis Bank to give loan to customers for buying solar roof tops

Hartek Power rooftop solar project in Chandigarh

Freyr Energy, a solar service provider, has tapped Axis Bank to offer term loan to its customers in the Delhi NCR Region for purchasing solar roof tops.

The term loan facility ranging from Rs 5 lakhs to Rs. 50 lakhs for up to 5-years tenure will help Freyr Energy’s customers in reducing their power bills drastically and improve affordability significantly. Axis Bank will give the loan to MSME’s and self-employed individuals to install their solar roof tops for industrial and commercial purposes.

“This loan program will help MSMEs significantly reduce their electricity bills. Going forward, we will continue working on innovative financial instruments to improve affordability. This will help India move closer to achieving the renewable energy target of 40GW of solar rooftop installations, set by the Indian Government,” said Saurabh Marda, co- founder and managing director of Freyr Energy.

MSMEs can apply for bank loan through Freyr’s mobile application called Freyr SunPro. Freyr SunPro eliminated all the complexity involved in system design, pricing, proposal generation etc. and made it easier to sell a solar system.

The training time to use the SunPro app is less than 1 hour. The initial investment required to start a rooftop solar business is zero. MSMEs can easily download the application from Google Play Store and Apple App Store.

Freyr Energy is a Hyderabad based full service solar solutions provider with operations in India and Ghana. The company’s products range from Rooftop Systems, Petrol Pumps, Solar Water Pumps to Microgrids.

In the last three years, Freyr has installed over 800+ solar systems across 14 states in India and Ghana, impacting over 40,000+ lives in rural in both these countries.