Tata Power Solar Partners with ICICI Bank to Offer Solar Panel Financing Solutions

Tata Power Solar Systems Limited (TPSSL), a leading name in India’s solar energy sector and a subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with ICICI Bank, one of the country’s largest private sector banks. The collaboration is set to provide tailored loan solutions aimed at making solar energy more accessible to residential and corporate customers.

Under the new initiative, ICICI Bank will offer customized financial products to facilitate the purchase of solar panels from Tata Power Solar. The loans, which can reach up to ₹90 lakh, are available with collateral-free options and repayment terms extending up to five years. For customers seeking higher loan amounts, options with collateral and tenures of up to 20 years are available. Additionally, the program includes flexible down-payment options ranging from 20-25% of the loan amount, easing the financial commitment required to adopt solar energy.

Speaking on the collaboration, Mr. Deepesh Nanda, CEO and Managing Director of Tata Power Renewable Energy Limited, emphasized the importance of the partnership in promoting clean energy. “Partnering with ICICI Bank marks a significant advancement towards the promotion of clean energy adoption. By introducing flexible financing solutions, we are supporting all segments of customers. This initiative empowers individuals and businesses alike to embrace sustainable energy, driving India towards a more environmentally friendly future,” he said.

Mr. Anuj Bhargava, Head of Global Clients Group at ICICI Bank, echoed this sentiment, noting the bank’s commitment to green energy initiatives. “Our collaboration with Tata Power Solar Systems reflects our dedication to support green energy initiatives and provide the residential and corporate customers with the financial assistance that they need to invest in solar solutions. We believe that this association will significantly help customers to adopt renewable energy,” he stated.

Tata Power Solar, known for its market leadership in solar rooftop solutions, boasts a customer base of over 70,000 across India. The company’s widespread presence and comprehensive solar offerings for both residential and commercial markets underscore its commitment to advancing India’s shift towards sustainable energy solutions.