India, Mar 11: In alignment with the guidelines issued by the Karnataka Electricity Regulatory Commission (KERC), climate fintech innovator Hygge Energy and rooftop solar solutions provider Atria Renewable have entered into a Memorandum of Understanding (MOU) to collaborate on accelerating rooftop solar adoption and enabling peer-to-peer (P2P) solar energy trading across Bengaluru, Karnataka.
As per the agreement, Hygge Energy will onboard Atria Renewable as a preferred solar installation partner for rooftop solar. The two companies will share relevant consumer data, insights, and technical inputs for the purpose of enabling rooftop solar adoption and facilitating P2P energy trading. The intent of the agreement is also to work towards developing a strategic partnership to have a common mobile application supported by Hygge Energy’s P2P app (available on the Google Play Store and Apple App Store).
Hygge Energy’s blockchain- and AI-enabled P2P platform is an end-to-end rooftop solar trading solution designed to operate in compliance with KERC regulations for P2P energy trading. It supports multiple trading mechanisms, enables blockchain-based contract execution, and supports payment transfers in line with the Reserve Bank of India’s Central Bank Digital Currency (CBDC) policy. The same platform also enables integration support for rooftop solar loan financing and provides platform-related training and onboarding support to Atria Renewable, delivering seamless customer experience.
As the solar installer, Atria Renewable will conduct site surveys, system design, proposal submission, installation, and commissioning of rooftop solar systems. They will ensure high-quality installations and compliance with all applicable regulatory and safety standards. Following installation, Atria Renewable will also provide customer support, including maintenance and warranty services, as agreed with customers.
Commenting on the partnership, Prateek Saxena, CEO of Hygge Energy, said,
“This collaboration with Atria Renewable brings to life Hygge’s vision of using fintech for cleantech at scale. Working with strong local partners like Atria will help Hygge bolster the P2P energy market while strengthening the local economy. Such partnerships ensure that the benefits of our technology extend beyond individual users to the wider community by translating technology innovation and policy support into real-world deployment that will expand rooftop solar adoption in Bengaluru and enable consumers to participate directly in P2P energy markets.”
C. S. Sunder Raju, Chairman and Director, Atria Group, added,
“Since its establishment in 1960, the Atria Group has remained committed to advancing sustainable energy and community initiatives. As India’s first private hydropower producer, we have also expanded our renewable portfolio to include solar, so we are excited to partner with Hygge Energy, whose peer-to-peer energy trading platform is already well established and being used in Karnataka. We are also encouraged by the innovative solutions Hygge is developing, including carbon emission tracking and carbon credit mechanisms, which have the potential to open up new opportunities in the P2P landscape.”
Hygge’s P2P initiative in Karnataka provided them with the capability to create a unique financing model for rooftop solar and battery storage through the tokenization of assets on CBDC. This model allows solar installers such as Atria to promote rooftop solar adoption while expanding their businesses and supporting local job creation.
