Tata Power Solar Systems Collaborates with ICICI Bank to Provide Easy Financing to Residential and Corporate Customers

Bengaluru, August 23, 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), announces its strategic collaboration with ICICI Bank, a leading private sector bank in India, to provide loans to finance the purchase of solar panels/ units for residential and Corporate customers.

This collaboration aims to enhance the accessibility and affordability of sustainable energy solutions for a broader adoption of solar energy. Under this collaboration, ICICI Bank will offer tailored financial solutions* with attractive interest rates, for the purchase of solar panels from Tata Power Solar. Customers can avail of loans up to ₹ 90 lakh with collateral-free options and tenure extending up to 5 years. They can also avail higher amounts of loans with collaterals with tenures of up to 20 years. Customers shall enjoy flexible down-payment options at 20-25% of the loan amount, making it easier for them to invest in solar energy.

Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, commented on the collaboration, stating, "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."

Anuj Bhargava, Head- Global Clients Group, ICICI Bank, added, "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."

Tata Power Solar is recognized as India’s No. 1 solar rooftop company, leading the market with over 70,000 satisfied customers and comprehensive solar solutions for both residential and commercial applications. With an extensive pan-India presence, Tata Power ensures that customers across various regions can benefit from this initiative. The company’s legacy of excellence and innovation highlights its commitment to driving India’s transition to sustainable energy.