Tata Power Solar Systems Limited and Union Bank Renews Partnership to boost Rooftop Solar adoption among Residential consumers

To offer easy financing to Residential customers in-line with PM Surya Ghar Muft Bijli Yojana – a scheme to enhance affordability and promote the widespread solar rooftop adoption

Partnership to benefit C&I customers also along-with additional benefits

Bengaluru, 5th March, 2024: Tata Power Solar Systems Limited (TPSSL), a leading 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) to offer financing solutions for Residential customers, in-line with the Government’s PM Surya Ghar Muft Bijli Yojana as well as for Commercial and Industrial (C&I) customers.

With loan limits extended up to ₹ 15 lakh for Residential and ₹ 16 crore for C&I customers, the renewed scheme plans to provide financing up to 80% and 85% for the respective categories. Notably, both the categories will have access to collateral-free financing options, making the transition to solar energy more accessible. The loan tenure has also been extended up to 10 years, allowing households and businesses ample time for repayment.

This renewed three-year agreement includes both Residential and C&I segments compared to the earlier one which focused only on C&I segment and resulted in the financing of ~ ₹ 165 crore for the segment.

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

In line with the Government’s commitment to promoting Residential Solar, this initiative by TPSSL and UBI is well aligned with the recently launched Government scheme PM-Surya Ghar Muft Bijli Yojana. As part of this collaboration, a special scheme under the extended agreement has been introduced, specifically tailored for Residential customers. The aim of this initiative is to improve accessibility and affordability for a wider audience, thereby making a significant contribution to the widespread adoption of solar solutions.

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

TPSSL stands at the forefront of the renewable energy landscape. With solar rooftop portfolio of over 2 GW, the Company is making significant strides across various states and cities. The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captive, and other customized offerings, showcasing a commitment to diverse energy needs.

Leveraging 34 years of experience and the trust of Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological prowess with its indigenous cells and modules. With its strong commitment to customer satisfaction and the extensive network of channel partners further solidifying its position as a trusted leader in the renewable energy sector.