Jaipur: Choice Finserv Private Limited (subsidiary and Non-Banking Financial Company (NBFC) arm of Choice International Ltd) announced a significant commitment of Rs. 100 crores towards Solar Financing as part of the Pradhan Mantri Suryoday Yojana. The major announcement was made today in Jaipur, reflecting Choice’s dedication to supporting the government’s vision of promoting solar energy and sustainable development.
In a significant development, the recently announced Interim Budget 2024 has allocated over Rs 11,500 crore for solar power projects, green hydrogen initiatives, and wind power projects for the fiscal year ending March 2025. The budgetary allocation for solar initiatives has seen a substantial rise to Rs 10,000 crore, marking a 110% increase from the revised estimates of Rs 4,757 crore. Similarly, the budgetary allocation for the National Green Hydrogen Mission has witnessed a five-fold (500%) surge, reaching Rs 600 crore for the fiscal year 2024-25. This financial boost from the government further strengthens Choice International Limited’s commitment to contribute to the renewable energy sector. The company aims to leverage the increased budgetary support to enhance its efforts in promoting solar energy and sustainable development.
Aligning with the Pradhan Mantri Suryoday Yojana, Choice Finserv Private Limited (CFPL) is set to play a pivotal role in financing rooftop solar projects. The company has been working extensively in Solar financing space in Rajasthan, Madhya Pradesh, Gujarat, Delhi NCR (including Haryana and Uttar Pradesh), Maharashtra, and more. Rajasthan, with its abundant sunlight, has emerged as a key player in the solar energy landscape. The state’s solar subsidy initiatives have encouraged widespread adoption, making it a prime region for solar financing. Choice International Limited recognizes the growing solar trend in Rajasthan and aims to contribute significantly by providing financial support for rooftop solar projects, thereby reducing the carbon footprint and fostering a cleaner, greener environment.
Mr. Arun Poddar, CEO of Choice International Limited, expressed his enthusiasm about the company’s venture into solar financing. He stated, “Choice International Limited is proud to align with the Pradhan Mantri Suryoday Yojana and contribute to the growth of solar energy in Rajasthan. Our commitment of Rs. 100 crores is a testament to our belief in sustainable development and our dedication to being at the forefront of innovative financial solutions.”
Mr. Vijendra Shekhawat, CEO of Choice Finserv Private Limited, added, “CFPL is excited to be a key player in financing rooftop solar projects. We are committed to supporting the government’s initiatives and providing financial solutions that empower individuals, communities, and businesses to embrace clean and sustainable energy options.”
As one of the leading financial institutions in solar financing in Rajasthan, Choice International Limited aims to empower individuals, communities, and businesses to embrace clean and sustainable energy options. The company’s strategic move not only supports the government’s vision but also reflects its commitment to being a catalyst for positive change in the renewable energy sector. Choice International Limited looks forward to being a key player in the solar financing landscape, driving economic growth, creating job opportunities, and contributing to a greener and more sustainable future for generations to come.
About Choice International:
Headquartered in Mumbai, Choice Group is a decade old organization, engaged in providing diversified services on finance, engineering and consulting activities. Choice has its membership and registration with SEBI, RBI, NSE, BSE, MCX, NCDEX, AMFI and depository participant with CDSL & NSDL. An end-to-end financial conglomerate, the group has over the past decade expanded massively to become a holistic financial services firm with ground-breaking technologies and innovative methodologies to serve its clients. Choice is among top 20 brokers with pan India presence with over 9.74 lakh+ clients and over 36,000+ trained business associates.
