Tata Power, IndusInd Bank Partner for Solar Financing
Tata Power Renewable Energy Ltd has entered into an agreement with IndusInd Bank to provide solar installation financing to Micro and Small Enterprises (MSEs). The tie-up will offer MSEs collateral-free solar financing, said Tata Power Renewable Energy in a statement on Tuesday. It will offer loans ranging from Rs 10 lakh to Rs 2 crore, it added.
The loans carry competitive rates, are based on a 20% margin, and have been offered at terms of up to 7 years, the firm said.
We have easy financing opportunities for MSEs to acquire solar energy with this partnership with IndusInd Bank. This will support them to save operational costs while gradually contributing to the transition of green energy", said Deepesh Nanda, CEO & MD, Tata Power Renewable Energy.
Several public and private sector lenders have partnered with solar players to provide finance options for commercial and residential solar projects.
Solex Energy tied up with the State Bank of India (SBI) last week to offer solar financing options up to Rs 10 crore to commercial, industrial, and institutional customers on Saturday.
Tata Power Renewable Energy Limited is a subsidiary of Tata Power and engages in the development of solar, wind, hybrid, round-the-clock (RTC), peak, floating solar and storage systems.
