Enphase Energy announced the partnership with India-based financial technology start-up Credit Fair to expand the market share of its microinverter-based rooftop solar system by offering proprietary loan and financing terms for both B2B and B2C projects.
This collaboration will support Enphase's large network of solar distributors and installers across India. Customers can access the company's premium solar solutions via Easy Monthly Instalment (EMI) payments.
Over the recent years, Enphase has established a world-class research and development center in the Bengaluru city of Karnataka, where its flagship IQ series microinverters are manufactured.
These inverters are the core component of Enphase's high-efficiency integrated solar systems, which also incorporate the IQ Gateway communications device and the Enphase smart application within a flexible distributed architecture to offer top-notch capabilities such as easy expansion, real-time per-panel energy production and consumption monitoring.
Remarked features like the "Burst Mode" enable microinverters to produce high power at dawn and dusk, as well as in low-light conditions. The company said that its integrated solar systems can help customers reduce electricity bills by up to 90% in some cases.
As a U.S.-based solar technology company, Enphase has been committed to superior solar solutions R&D and production. But in developing countries like India, inadequate financing is a major impediment to furthering solar penetration nationwide.
''As we continue to grow our presence in India, we believe that this novel financing initiative in collaboration with Credit Fair is a step in the right direction towards advancing solar adoption amongst customers," said Sunil Thamaran, VP and MD of Enphase Energy's India operations.
"Our mutual collaboration is a hallmark of the confluence of cleantech and fintech to build a green, sustainable future and unlock real value for installation channel partners and customers alike," added Thamaran.
Striking to grow presence in key developing countries is one of Enphase's global expansion strategies. The company has also made great progress in South America, with its microinverter sales in Brazil having witnessed a decent increase recently.