Tata Power Solar Systems Partners with Indian Bank to Promote Residential Solar Adoption

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 a strategic collaboration with Indian Bank, a leading public sector bank in India. The partnership aims to boost the adoption of solar rooftop systems among residential consumers by providing financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme.

Under this collaboration, residential consumers can avail loans up to ₹2 lakh at an annual interest rate of 7%, in compliance with government regulations. The financing solutions aim to facilitate installations up to 3 KW under the scheme, with a nominal margin money requirement of 10% and collateral-free financing, making it easier for homeowners to embark on their solar journey. Additionally, repayment tenures extend up to 10 years, offering flexibility and convenience.

For installations ranging from 3 to 10 KW, TPSSL and Indian Bank offer tailored financing solutions with loans up to ₹6 lakh, a margin money requirement of 20%, and competitive interest rates ranging from 8.4% to 10.8% per annum.

Mr. Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, emphasized the commitment of Tata Power to promote renewable energy solutions and praised the collaboration for offering tailored financing solutions aligned with government initiatives like the PM Surya Ghar Muft Bijli Yojana.

Shri Vikas Kumar, Chief General Manager of Retail Assets & MSME at Indian Bank, expressed the bank’s commitment to advancing the goals of PM Surya Ghar Muft Bijli Yojana through the partnership. He highlighted the initiative’s aim to promote awareness, growth, and social upliftment in the energy sector.

Aligned with the government’s commitment to champion residential solar, the collaboration between TPSSL and Indian Bank aims to make solar solutions more accessible and affordable for a broader spectrum of stakeholders, thereby contributing to the widespread adoption of solar energy.

With a solar rooftop portfolio of over 2 GW, TPSSL stands at the forefront of the renewable energy landscape in India, providing comprehensive solutions across various sectors and showcasing a commitment to diverse energy needs. The company’s strong commitment to customer satisfaction and its extensive network of channel partners further solidify its position as a trusted leader in the renewable energy sector.