National, 23rd April, 2024
Tata Power Solar Systems Limited (TPSSL), a leading solar company in
India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced
its strategic partnership with Indian Bank, a leading public sector bank in India to bolster the adoption
of solar rooftop among residential consumers. The collaboration aims to facilitate financing solutions
under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as
well as extend support for installations ranging from 3 to 10 KW under the regular scheme.
Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can
avail loans up to ₹. 2 lakh at an annual interest rate of 7%, in compliance with government regulations.
With a nominal margin money requirement of 10% and collateral-free financing, homeowners can
embark on their solar journey with ease. Furthermore, the tenure for repayment extends up to 10 years,
offering flexibility and convenience.
For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing
solution that accommodates the diverse needs of homeowners. Eligible applicants can access loans
up to ₹. 6 Lakh, with a margin money requirement of 20%. Interest rates ranging from 8.4% to 10.8%
per annum ensure competitive financing options.
Mr. Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, stated,
“At Tata Power Renewable Energy Limited, we are resolutely committed to propelling a sustainable
future through the promotion of renewable energy solutions. This collaboration marks a significant step
forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with
government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar
adoption. Together, we are poised to harness our collective expertise and resources to illuminate
households and catalyse energy transition nationwide.”
Shri Vikas Kumar, Chief General Manager, Retail Assets & MSME, Indian Bank commented, “We
are honoured to announce this initiative towards advancing the goals of PM Surya Ghar Muft Bijli
Yojana. This partnership demonstrates our commitment to promoting awareness, growth, and social
upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to
India's energy objectives and ensure the success of this laudable initiative.”
Aligned with the Government's commitment to champion Residential Solar, this collaboration between
TPSSL and Indian Bank seamlessly integrates with the core objectives of the Government's PM-Surya
Ghar Muft Bijli Yojana initiative. By prioritizing improved accessibility and affordability for a broader
spectrum of stakeholders, this initiative is poised to make a profound impact on the widespread adoption
of solar solutions.
TPSSL stands at the forefront of the renewable energy landscape. With a solar rooftop portfolio of over
2 GW, the Company is making significant strides across various states and cities. The comprehensive
solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captive, and other
customized offerings, showcasing a commitment to diverse energy needs. Leveraging 34 years of
experience and the trust of Tata brand, the Company excels in operational and maintenance services
across 275+ cities and demonstrates technological prowess with its indigenous cells and modules. With
its strong commitment to customer satisfaction and the extensive network of channel partners further
solidifying its position as a trusted leader in the renewable energy sector.
About Tata Power Renewable Energy Limited:
Tata Power Renewable Energy Limited (TPREL) is a subsidiary of The Tata Power Company Limited and is one of the
country’s most
significant renewable energy players. TPREL is a developer of renewable energy projects (including solar, wind,
hybrid, round-theclock (RTC), peak, floating solar, and storage systems including battery storage) that it owns,
operates, and maintains. It also offers
comprehensive green energy solutions for rural and urban areas like turnkey, EPC and O&M solutions for various
business segments
like utility-scale projects, solar rooftop, and solar pump systems. Along with its extensive portfolio of
renewable solutions, it has a
state-of-the-art solar cell and module manufacturing plant of 530 MW solar cells and 682 MW modules in Bengaluru
and plans to set
up a Greenfield 4.3 GW solar cell & solar module plant in Tamil Nadu. In addition, TPREL also provides electric
vehicle (EV) charging
solutions across various segments and other advisory solutions across the renewable sector. As on date, TPREL’s
total renewable
utility capacity is 9,018 MW (PPA capacity is 7,632 MW) including 4,547 MW projects under various stages of
implementation and its
operational capacity is 4,471 MW, which includes 3,444 MW solar and 1,027 MW wind. Presently, the company's
solar EPC portfolio
is more than 12.8 GWp of ground-mount utility-scale, over 2 GW of rooftop and distributed ground-mounted
systems, and over
1,00,000 solar water pumps. TPREL aims to provide energy access to millions of people across the country via its
integrated green
energy solutions. Know more: www.tatapowersolar.com
About Tata Power:
Tata Power is a leading integrated power company and a part of Tata Group, India’s largest multi-national
business
conglomerate. The company has a diversified portfolio of 14,453 MW, spanning across the entire power value chain
-
from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and
solar
cells and module manufacturing. As a pioneer of clean energy transition in India, Tata Power has 5,593 MW of
clean
energy generation, which constitutes 39% of its total capacity. The company has also committed to achieve carbon
neutrality before 2045.Tata Power has established India’s most comprehensive clean energy platform, with
offerings
such as rooftop solar, microgrids, storage solutions, EV charging infrastructure, home automation et al. The
company
has also attracted global investors to support its growth and vision. Tata Power has successfully partnered with
public
and private entities in generation, transmission & distribution sectors in India, serving approx.13 million
customers
across the country. To know more about Tata Power, visit
www.tatapower.com
Disclaimer:
The following press release/announcement may contain forward-looking statements within the
meaning of applicable
securities laws and regulations. These statements are based on management's current views, expectations,
assumptions, and projections regarding the Company's future performance, business plans, growth prospects,
competitive and regulatory environment, and other related matters. Such forward-looking statements are subject
to
various risks and uncertainties, which may cause actual results to differ materially from those expressed or
implied in
the statements. Factors that could cause actual results to differ materially from those contemplated in the
forwardlooking statements are not limited to changes in economic conditions affecting demand/supply and price
conditions in
the domestic and overseas markets in which the Company operates, alterations in the business environment,
fluctuations in Government regulations, laws, statutes, judicial pronouncements, and other incidental factors.
The
Company does not undertake any obligation to publicly update or revise any forward-looking statements based on
subsequent events, information, or developments, except as required by applicable laws and regulations.
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