Tata Power Solar Cross ₹ 3,500 Cr Customer Financing Bolstering Solar Adoption

Tata Power Solar Systems in Contract with NTPC for 152 MWp DCR PV Modules

Tata Power Solar Systems Limited (TPSSL), wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has said that it has facilitated over ₹ 3,500 crore of customer financing for solar projects during the last 4.5 years. This has led Tata Power to emerge as the nation’s most preferred green energy partner which is mainstreaming the adoption of Solar Energy in India.

Tata Power said that it has achieved the feat through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs. The extensive network consists of SBI, SIDBI, Union Bank of India (UBI), HDFC, Bank of Baroda, Tata Capital, Greenlance Energy, Ecofy, Credit Fair, and Paytm as the primary lending partners.

Tata Power has designed financing models to cater to diverse customer profiles, accommodating both residential comprising individual houses and housing societies and Commercial & Industrial clients including MSMEs, Mid and Large sized Corporates, Hospitals, Institutions etc.

The company has facilitated financial solutions to over 2,200 Commercial & Industrial customers. These projects are valued at approximately ₹ 3,400 crore.

The quantum of solar power financed includes 850 MW for non-residential and about 9 MW for residential customers. Further, Tata Power has facilitated residential loans to over 1,000 customers, contributing to projects valued at around ₹ 55 crore.

These innovative financial models facilitated by Tata Power support over 85% of the addressable order book and are designed with the objective to empower enterprises and individuals to embrace sustainable practices through minimal initial capital outlay and substantial long-term returns. The financing initiatives of Tata Power firm have made a significant impact pan India. Notably, Maharashtra, Gujarat, Punjab, Karnataka, and Rajasthan stand out as the top 5 states actively availing the financing solutions.

TPSSL has also simplified the loan application and sanctioning process with all its key partners helping it achieve a milestone with the fastest average Sanction Turnaround Time (TAT), clocking in at just four working days.

Tata Power was awarded the ‘Most Prominent Player’ in Customer Financing by IEEFA & J&K Research Analytics in September 2023 for its outstanding contributions in this domain. The company said that it stands at the forefront of the renewable energy landscape with solar rooftop portfolio of 1.8GW.