Tata Power Solar Renews Partnership with Union Bank of India

By siliconindia  |  Tuesday, March 5, 2024

Tata Power Solar Renews Partnership with Union Bank of India
Tata Power Solar Systems Ltd has renewed and expanded its partnership with Union Bank of India, aiming to provide financing solutions for residential, commercial, and industrial (C&I) customers in the solar energy sector. The renewed three-year agreement covers both residential and C&I segments, unlike the previous one that focused solely on the latter.
Under this collaboration, both categories of customers will have access to collateral-free financing options, facilitating a more accessible transition to solar energy. The loan limits have been extended up to Rs 15 lakh for residential and Rs 16 crore for C&I customers. The financing scheme plans to provide up to 80% and 85% financing for residential and C&I categories, respectively.
The loan tenure has been extended to 10 years, allowing households and businesses ample time for repayment. This strategic move aims to mainstream rooftop solar adoption among residential customers, replicating the success achieved in the C&I segment.
Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Ltd (TPREL), expressed confidence that easy financing access will drive rooftop solar adoption in the residential segment, mirroring the success observed in the C&I sector.
Tata Power Solar Systems Ltd, a subsidiary of TPREL, operates as a developer of renewable energy projects, encompassing solar, wind, hybrid, round-the-clock, peak, floating solar, and storage systems, including battery storage. This collaboration reflects the commitment to advancing sustainable energy solutions in India.

ON THE DECK