Affordable solar financing options to make clean energy accessible to Indian households
National, 20th December, 2024 – Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited and a leader in India’s renewable energy sector, has joined hands with Canara Bank, one of the country’s premier public sector banks, to promote the adoption of rooftop solar systems under the PM Surya Ghar Scheme.
This collaboration aims to simplify access to solar energy solutions for households by providing attractive financing options, empowering citizens to transition to a more sustainable energy future. As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable.
For systems with a capacity of up to 3 kW, the scheme offers loans of up to ₹ 2 lakh with a 10% margin money requirement, collateral-free financing, a competitive interest rate of 7% per annum, and a tenure of up to 10 years. For systems between 3 kW and 10 kW, the scheme provides loans of up to ₹ 6 lakh with a 20% margin money requirement, collateral-free financing, and interest rates at 10% per annum, with a maximum tenure of 10 years. These options ensure financial flexibility and support households in their transition to clean energy solutions.
Mr. Deepesh Nanda, CEO & Managing Director, TPREL said, “This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India. Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide. By offering affordable financing options under the PM Surya Ghar Scheme, we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives”.
Ms R Anuradha, GM, Retail Assets, Canara Bank said, “Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme. Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India’s sustainability goals. This initiative reflects our shared commitment to environmental stewardship and a cleaner, greener future”
TPREL, recognized as India’s No. 1 solar rooftop company, leads the market with over 100,000 satisfied customers. The company offers comprehensive solutions across various sectors, including residential, commercial, and industrial, MSMEs, large enterprises, and group captives, demonstrating a strong commitment to meeting diverse energy needs.
Leveraging over 34 years of experience in EPC business and the trust of the Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological process with its indigenous cells and modules. Its strong commitment to customer satisfaction and the extensive network of channel partners further solidifies its position as a trusted leader in the renewable energy sector.
The total renewables capacity of TPREL reached 10.9 GW (PPA capacity is 8.9 GW) including 5.5 GW projects under various stages of implementation and its operational capacity is 5.4 GW, which includes 4.4 GW solar and 1 GW wind.
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-the-clock (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. Alongside its extensive portfolio of renewable solutions, the company boasts a cutting-edge solar cell and module manufacturing plant in Bengaluru, with capacities of 530 MW for solar cells and 682 MW for modules. Additionally, the company’s 4.3 GW cells and module manufacturing plant, TP Solar has completed the construction of a 4 GW module manufacturing facility. Along with module, solar cell has commenced commercial production from the 2GW solar cell line. 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 10.9 GW (PPA capacity is 8.8 GW) including 5.5 GW projects under various stages of implementation and its operational capacity is 5.4 GW, which includes 4.4 GW solar and 1 GW wind. Presently, the company’s solar EPC portfolio is more than 15 GWp of ground-mount utility-scale, over 2.5 GW of rooftop and distributed ground-mounted systems. 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 Company Limited, a leading integrated power company and a part of the Tata Group, India's largest multinational business conglomerate, owns a diversified portfolio of 15.5 GW. This portfolio spans the entire power value chain, from renewable and conventional energy generation to transmission, distribution, trading, storage solutions, and solar cell and module manufacturing. As a pioneer in India's clean energy transition, Tata Power has 6.7 GW of clean energy generation, constituting 43% of its total capacity. Committed to achieving carbon neutrality before 2045, Tata Power has successfully partnered with public and private entities across India's generation, transmission, and distribution sectors, serving approximately 12.5 million customers nationwide.
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