Innovative financing models and partnerships unlock widespread solar adoption for homes and businesses
In a major boost to India’s clean energy ambitions, Tata Power Solar Systems Limited (TPSSL), a subsidiary of Tata Power Renewable Energy Limited (TPREL), has facilitated over ₹3,500 crore (approximately $437 million) in customer financing for solar projects over the past 4.5 years. This initiative has solidified Tata Power’s position as the country’s leading and most trusted green energy partner, accelerating the adoption of solar energy across India.
Collaborations and Innovation Drive Growth
TPSSL’s success stems from its extensive network of over 20 financial partners, including prominent institutions like State Bank of India, HDFC, and Paytm. This collaboration allows the company to offer customized financing solutions for diverse customer segments, encompassing residential homeowners, commercial establishments, and industrial clients of all sizes.
Tailored Solutions for Everyone
Recognizing the varied needs of its customers, TPSSL has designed innovative financing models that minimize upfront costs and maximize long-term returns. This approach has been instrumental in attracting over 2,200 commercial and industrial customers, with projects valued at approximately ₹3,400 crore. Additionally, TPSSL has empowered over 1,000 residential customers with financing solutions, contributing to projects valued at ₹55 crore.
Nationwide Impact and Streamlined Processes
TPSSL’s financing initiatives have had a significant pan-India impact, with Maharashtra, Gujarat, Punjab, Karnataka, and Rajasthan leading the way in adopting these solutions. The company has further streamlined the loan application and sanctioning process, achieving an impressive average turnaround time of just four working days. This commitment to efficiency was recognized by IEEFA & J&K Research Analytics, which awarded Tata Power the “Most Prominent Player” in Customer Financing in September 2023.
Leading the Renewable Energy Charge
With a robust solar rooftop portfolio of 1.8GW and a comprehensive suite of solutions catering to diverse energy needs, Tata Power Renewable Energy Limited stands at the forefront of India’s renewable energy revolution. The company’s commitment to innovation, operational excellence, and customer satisfaction, coupled with its extensive network of partners, solidifies its position as a trusted leader in the sector.
This initiative by Tata Power Solar is a significant step forward in India’s clean energy journey. By making solar power more accessible and affordable, the company is empowering individuals and businesses to embrace sustainable practices and contribute to a greener future.