Tata Power Solar Systems Limited Partners with Indian Bank to drive affordable and widespread solar rooftop adoption in residential segment

Bengaluru, April 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), announced its strategic partnership with Indian Bank, a leading public sector bank in India to bolster the adoption of solar rooftop among residential consumers. The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme.
 

Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail loans up to ₹. 2 lakh at an annual interest rate of 7%, in compliance with government regulations.

With a nominal margin money requirement of 10% and collateral-free financing, homeowners can embark on their solar journey with ease. Furthermore, the tenure for repayment extends up to 10 years, offering flexibility and convenience.
 

For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing solution that accommodates the diverse needs of homeowners. Eligible applicants can access loans up to ₹. 6 Lakh, with a margin money requirement of 20%. Interest rates ranging from 8.4% to 10.8% per annum ensure competitive financing options.

 
Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, stated, “At Tata Power Renewable Energy Limited, we are resolutely committed to propelling a sustainable future through the promotion of renewable energy solutions. This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar adoption. Together, we are poised to harness our collective expertise and resources to illuminate households and catalyse energy transition nationwide.”
 

Vikas Kumar, Chief General Manager, Retail Assets & MSME, Indian Bank commented, “We are honoured to announce this initiative towards advancing the goals of PM Surya Ghar Muft Bijli Yojana. This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to India's energy objectives and ensure the success of this laudable initiative.”