The Business Bytes
BHUBANESWAR, AUGUST 23, 2024 (TBB BUREAU): Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic collaboration with ICICI Bank, a prominent private sector bank in India, to provide loans for the purchase of solar panels and units for residential and corporate customers.
This partnership aims to improve the accessibility and affordability of sustainable energy solutions, encouraging broader adoption of solar energy. As part of the collaboration, ICICI Bank will offer tailored financial solutions with attractive interest rates for purchasing solar panels from Tata Power Solar. Customers can access loans up to Rs 90 lakh with collateral-free options and tenures extending up to 5 years. Higher loan amounts are available with collateral, and tenures can extend up to 20 years. Additionally, flexible down-payment options at 20-25 per cent of the loan amount will make it easier for customers to invest in solar energy.
Commenting on the collaboration, Tata Power Renewable Energy Limited CEO & Managing Director Deepesh Nanda said, “Partnering with ICICI Bank marks a significant advancement towards the promotion of clean energy adoption. By introducing flexible financing solutions, we are supporting all segments of customers. This initiative empowers individuals and businesses alike to embrace sustainable energy, driving India towards a more environmentally friendly future.”
“Our collaboration with Tata Power Solar Systems reflects our dedication to supporting green energy initiatives and providing residential and corporate customers with the financial assistance needed to invest in solar solutions. We believe that this association will significantly help customers adopt renewable energy,” said Anuj Bhargava, Head of Global Clients Group at ICICI Bank.
Tata Power Solar is recognized as India’s leading solar rooftop company, serving over 70,000 satisfied customers and offering comprehensive solar solutions for both residential and commercial applications. With a widespread pan-India presence, Tata Power ensures that customers across various regions can benefit from this initiative. The company’s legacy of excellence and innovation underscores its commitment to driving India’s transition to sustainable energy.
