Tata Power Solar Systems Limited and Union Bank Renew Partnership to Accelerate Rooftop Solar Adoption Among Residential Consumers

Tata Power Solar Systems Limited (TPSSL), a prominent 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). This collaboration aims to offer financing solutions for residential, commercial, and industrial (C&I) customers, aligning with the Government’s PM Surya Ghar Muft Bijli Yojana.

Under the renewed scheme, loan limits have been extended up to ₹15 lakh for residential and ₹16 crore for C&I customers, with financing options up to 80% and 85% respectively. Notably, both categories will benefit from collateral-free financing options, easing the transition to solar energy. The loan tenure has also been extended up to 10 years, providing households and businesses with ample time for repayment.

This renewed three-year agreement encompasses both residential and C&I segments, compared to the previous focus solely on the C&I segment, resulting in approximately ₹165 crore in financing for this segment.

Mr. Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed satisfaction with the renewal, stating, “We are pleased to renew our partnership with Union Bank of India, now including residential consumers in our solar financing scheme. We believe that easy access to financing will accelerate the adoption of rooftop solar among residential segments, mirroring the success seen in our C&I segment.”

In line with the Government’s commitment to promoting residential solar, this initiative by TPSSL and UBI aligns well with the recently launched PM-Surya Ghar Muft Bijli Yojana. A special scheme tailored for residential customers has been introduced as part of this collaboration, aimed at enhancing accessibility and affordability, thereby fostering widespread adoption of solar solutions.

“Union Bank of India takes pride in 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 Mr. Pravin Sharma, CGM, MSME, Union Bank of India.

TPSSL stands as a frontrunner in the renewable energy landscape, boasting a solar rooftop portfolio of over 2 GW. The company’s comprehensive solutions cover various sectors, including residential, commercial, industrial, MSMEs, large enterprises, and group captive, showcasing a commitment to diverse energy needs. With 34 years of experience and the trust of the Tata brand, TPSSL excels in operational and maintenance services across 275+ cities, demonstrating technological prowess with its indigenous cells and modules. The company’s strong commitment to customer satisfaction and extensive network of channel partners further solidify its position as a trusted leader in the renewable energy sector.