TPSSL, Tata Power Solar Systems Limited, has announced the extension of its partnership with Union Bank of India (UBI), focusing on offering financing solutions to a wider range of customers. This renewed collaboration is in line with the Government’s PM Surya Ghar Muft Bijli Yojana and aims to provide financing options for both Residential and C&I customers.
Tata Power Solar Systems Limited or TPSSL is a leading solar energy solutions provider in India. Established in 1989, TPSSL has been at the forefront of solar innovation, offering a wide range of products and services, including solar photovoltaic modules, solar rooftop solutions, solar pumps, and solar streetlights.
Under this renewed scheme, TPSSL and UBI are offering enhanced loan limits, with Residential customers eligible for loans up to INR 15 lakh and C&I customers up to INR 16 crore. Customers in both categories can avail of financing options of up to 80% and 85%, respectively, with the added benefit of collateral-free financing.
Moreover, the loan tenure has been extended to up to 10 years, providing flexibility for households and businesses in their repayment schedules. This renewed agreement, spanning over three years, marks a significant expansion from the previous focus solely on the C&I segment.
Notably, the earlier partnership between TPSSL and UBI resulted in the financing of approximately INR 165 crore for the C&I segment, highlighting the success and potential of this collaboration in meeting the diverse financing needs of customers in the solar energy sector.
In this collaboration, an exclusive program has been introduced as part of the renewed agreement, tailored specifically for residential customers. The primary objective of this initiative is to improve the accessibility and affordability of solar solutions to a wider audience, thereby significantly contributing to the widespread adoption of solar energy.
Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed his satisfaction with the renewed partnership with Union Bank of India, which includes residential consumers in their solar financing scheme. He believes that easy access to financing will make rooftop solar adoption more mainstream among residential customers, replicating the success seen in the commercial and industrial segment during the initial phase of their collaboration.
Pravin Sharma, CGM, MSME of Union Bank of India, stated that the bank is proud to support green initiatives and that their extended partnership with Tata Power Solar Systems demonstrates their commitment to providing innovative financial solutions for both commercial and industrial as well as residential customers, further reinforcing their dedication to a sustainable future.
