SBI Partners with Tata Power for Financing Solar Projects

With an aim to strengthen the existing financing arrangement for solar power projects, India’s largest lender State Bank of India (SBI) has launched a dedicated centralized processing cell, ‘Surya Shakti Cell’, the company recently announced.

SBI has entered into an agreement with Tata Power Solar Systems Ltd. for financing solar projects. Set-up in the Ballard Estate in Mumbai, the Surya Shakti Cell will process all loan applications for solar projects (capacity up to 1 MW) sourced from across India, for installation by business entities as well as households.

The Surya Shakti Cell was inaugurated by Dinesh Khara, Chairman, SBI, in the presence of Dr. Praveer Sinha, CEO & MD, Tata Power Company Ltd.

The bank aims to provide an end-to-end platform for digital and hassle-free journey to the loan applicants for financing solar projects. With this digital initiative, SBI plans to offer a complete solution at competitive rates for solar projects to ensure that customers get all the necessary support and guidance to choose the right equipment, resolve technical issues at their door steps and get expeditious approvals of their loans at competitive rates.

Dinesh Khara, Chairman, SBI said, “…this initiative is in line with the global objectives of the COP26 Agreement in reducing the carbon footprint. We believe, with sustainable solar power, we can solve the prevailing challenges related to the use of conventional energy as well as climate change. Initiatives like these will also help build local economies and enable the country to move towards a secure energy future. We, at SBI, are strong proponents of renewable energy and are committed towards reducing carbon footprint in the country.”

Dr. Praveer Sinha, CEO & MD, Tata Power said, “We are pleased to partner with SBI in its Surya Shakti Cell initiative which is a testament to our commitment to making sustainable [energy products and services more affordable and accessible to our customers. This first of its kind association will aid us in our #DoGreen mission by encouraging our customers to
embrace solar energy solutions and join us in co-creating a greener future