Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced the renewal of its partnership with Union Bank of India (UBI) to offer financing solutions for solar projects, in line with the government’s PM Surya Ghar Muft Bijli Yojana.
With loan limits extended up to ₹15 lakh for residential customers and ₹16 crore for commercial and industrial (C&I) customers, the renewed scheme plans to provide financing up to 80 per cent and 85 per cent, respectively.
They will have access to collateral-free financing options for easy transition to solar energy. The loan tenure has also been extended up to 10 years.
The renewed three-year agreement includes both residential and C&I segments, TPSSL said in its statement.
Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, which is a subsidiary of Tata Power Company 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 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.”
Pravin Sharma, CGM, MSME, Union Bank of India, said, “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.”
Tata Power stock rose by 1.05 per cent on the BSE, trading at ₹395.80, as of 12:14 pm.