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Home » News » Tata Power Solar and Union Bank renew partnership for expanded solar financing

Tata Power Solar and Union Bank renew partnership for expanded solar financing

March 5, 2024 12:57 pm

Tata Power Solar and Union Bank renew partnership for expanded solar financing
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To offer financing solutions for residential customers, in line with the Government’s PM Surya Ghar Muft Bijli Yojana, as well as for commercial and industrial (C&I) customers.

Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced the renewal and expansion of its partnership with Union Bank of India (UBI) to offer financing solutions for residential customers, in line with the Government’s PM Surya Ghar Muft Bijli Yojana, as well as for commercial and industrial (C&I) customers.

With loan limits extended up to ₹15 lakh for residential and ₹16 crore for C&I customers, the renewed scheme plans to provide financing up to 80 percent and 85 percent for the respective categories. Notably, both categories will have access to collateral-free financing options, making the transition to solar energy more accessible. The loan tenure has also been extended up to 10 years, allowing households and businesses ample time for repayment.

This renewed three-year agreement includes both residential and C&I segments compared to the earlier one which focused only on the C&I segment and resulted in the financing of approximately ₹165 crore for the segment.

Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, stated, “We are glad to announce the renewal of our association with Union Bank of India by including Residential consumers in our solar financing scheme. We believe that the access to easy financing will mainstream the roof-top solar adoption among the Residential segment in the country and replicate the success of the C&I segment as witnessed in our first phase of association.”

In line with the Government’s commitment to promoting Residential Solar, this initiative by TPSSL and UBI is well aligned with the recently launched Government scheme PM-Surya Ghar Muft Bijli Yojana. As part of this collaboration, a special scheme under the extended agreement has been introduced, specifically tailored for Residential customers. This initiative aims to improve accessibility and affordability for a wider audience, thereby making a significant contribution to the widespread adoption of solar solutions.

“Union Bank of India is proud to be at the forefront of supporting green initiatives. Our extended partnership with Tata Power Solar Systems reflects our dedication to providing innovative financial solutions for both Commercial and Industrial as well as Residential customers, reinforcing our commitment to a sustainable future,” added  Pravin Sharma, CGM, MSME, Union Bank of India.

TPSSL stands at the forefront of the renewable energy landscape. With a solar rooftop portfolio of over 2 GW, the Company is making significant strides across various states and cities. The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captives, and other customized offerings, showcasing a commitment to diverse energy needs. Leveraging 34 years of experience and the trust of the Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological prowess with its indigenous cells and modules. Its strong commitment to customer satisfaction and the extensive network of channel partners further solidify its position as a trusted leader in the renewable energy sector.

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