Rooftop Solar Goes Mainstream: Tata Power & Union Bank Expand Financing Options

Collateral-free loans, extended tenures aim to boost residential and C&I adoption

Tata Power Solar Systems Ltd (TPSSL), a subsidiary of Tata Power Renewable Energy Ltd (TPREL), announced a renewed and expanded partnership with Union Bank of India (UBI) to offer financing solutions for residential and commercial and industrial (C&I) customers seeking to adopt rooftop solar solutions.

This three-year agreement marks a significant expansion from the previous partnership, which solely focused on the C&I segment. Under the new terms, both residential and C&I customers will benefit from:

Increased loan limits: Residential customers can now access loans up to ₹15 lakh, while C&I customers can apply for loans up to ₹16 crore.

Enhanced financing options: Both categories will have access to collateral-free financing, making the transition to solar power more accessible and reducing upfront costs.

Extended loan tenure: The loan tenure has been extended to 10 years, allowing for more manageable repayments for both households and businesses.

“This expanded partnership with Union Bank of India is a significant step forward in making rooftop solar a mainstream choice for Indian residents and businesses,” said Deepesh Nanda, CEO & Managing Director of TPREL. “By providing easier access to financing and removing collateral requirements, we are removing key barriers and paving the way for wider adoption of clean energy solutions.”

TPSSL, a leading player in the Indian solar energy industry, boasts a rooftop solar portfolio exceeding 2 GW across various states and cities. This collaboration with UBI aligns with the Indian government’s push for increased solar power adoption through initiatives like the PM Surya Ghar Muft Bijli Yojana. The combined expertise of TPSSL and UBI is expected to significantly contribute to achieving India’s renewable energy goals.

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