In a significant move towards bolstering solar adoption, Tata Power Solar Systems Ltd (TPSSL) has announced the renewal and expansion of its partnership with Union Bank of India (UBI). This collaboration aims to offer financing solutions for both residential and Commercial and Industrial (C&I) customers, making the transition to solar energy more accessible and financially viable.
Extended Loan Limits and Collateral-Free Options: Under the renewed three-year agreement, Union Bank of India and Tata Power Solar Systems Ltd have broadened their scope to include both residential and Commercial and Industrial segments. The financing scheme now offers loan limits extended up to Rs 15 lakh for residential customers and Rs 16 crore for C&I customers. Notably, the renewed scheme plans to provide financing up to 80% and 85% for the respective categories. Importantly, both residential and C&I sectors will have access to collateral-free financing options, easing the financial burden on those transitioning to solar energy.
Extended Loan Tenure for Repayment Flexibility: To further facilitate the adoption of rooftop solar solutions, the loan tenure has been extended up to 10 years. This extended timeframe allows households and businesses ample time for repayment, reducing the financial strain associated with the transition to solar energy.
Mainstreaming Solar Adoption: Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Ltd (TPREL), expressed confidence that the renewed partnership with Union Bank of India will play a pivotal role in mainstreaming rooftop solar adoption among residential segments. He anticipates that the success achieved in the Commercial and Industrial sector can be replicated in households with the accessibility of easy financing options.
Tata Power Solar Systems and TPREL Background: Tata Power Solar Systems Ltd operates as a subsidiary of Tata Power, and Tata Power Renewable Energy Ltd (TPREL) is a wholly-owned subsidiary of Tata Power. TPREL is actively involved in the development of renewable energy projects, encompassing solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems, including battery storage.
Investors, environmental advocates, and solar enthusiasts will be closely monitoring the outcomes of this renewed partnership, expecting it to catalyze increased solar adoption across both residential and commercial sectors.
