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

Tata Power Solar Systems Limited (TPSSL) has announced the renewal of its partnership with Union Bank of India (UBI). This partnership aims to offer financing solutions for Residential customers, aligning with the Government’s PM Surya Ghar Muft Bijli Yojana, and for Commercial and Industrial (C&I) customers.

Under the renewed scheme, loan limits have been extended up to INR 15 lakh for Residential and INR 16 crore for C&I customers. Financing options of up to 80% and 85% are available for the respective categories, with both segments having access to collateral-free financing. 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 covers both Residential and C&I segments, expanding from the earlier focus solely on the C&I segment. The previous agreement resulted in the financing of approximately INR 165 crore for the C&I segment.

Under this collaboration, a unique scheme has been introduced as part of the extended agreement, specifically designed for Residential customers. The primary goal of this venture is to enhance accessibility and affordability for a broader audience, thereby significantly contributing to the widespread adoption of solar solutions.

Mr. Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, said, “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.”

“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,” noted Mr. Pravin Sharma, CGM, MSME, Union Bank of India.