Tata Power Solar Systems & Union Bank Renews Partnership For Residential Rooftop Solar

Tata Power Solar Systems & Union Bank Renews Partnership For Residential Rooftop Solar

Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced the renewal and expansion of its partnership with Union Bank of India (UBI) to offer financing solutions for Residential customers, in line with the PM Surya Ghar Muft Bijli Yojana as well as for Commercial and Industrial (C&I) customers.

With loan limits extended up to Rs 15 lakh for residential and Rs 16 crore for C&I customers, the renewed scheme plans to provide financing up to 80 percent and 85 percent for the respective categories. Notably, both categories will have access to collateral-free financing options, making the transition to solar energy more accessible. The loan tenure has also been extended up to 10 years, allowing households and businesses ample time for repayment.

This renewed three-year agreement includes both Residential and C&I segments compared to the earlier one which focused only on the C&I segment and resulted in the financing of Rs 165 Crore for the segment.

Mr. Deepesh Nanda, CEO & Managing Director, of Tata Power Renewable Energy Limited, stated, “We are glad to announce the renewal of our association with Union Bank of India by including Residential consumers in our solar financing scheme. We believe that access to easy financing will mainstream the roof-top solar adoption among the Residential segment in the country and replicate the success of the C&I segment as witnessed in our first phase of association.”

As part of this collaboration, a special scheme under the extended agreement has been introduced, specifically tailored for Residential customers. This initiative aims to improve accessibility and affordability for a wider audience, thereby making a significant contribution to the widespread adoption of solar solutions.

“Union Bank of India is proud to be at the forefront of supporting green initiatives. Our extended partnership with Tata Power Solar Systems reflects our dedication to providing innovative financial solutions for both Commercial and Industrial as well as Residential customers, reinforcing our commitment to a sustainable future,” said Pravin Sharma, CGM, MSME, Union Bank of India.

TPSSL now has a solar rooftop portfolio of over 2 GW. The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captives, and other customised offerings, showcasing a commitment to diverse energy needs.

Recently, Agratas, Tata Group’s global battery business, announced that a battery manufacturing facility will be built by the company in the United Kingdom. In this regard, it announced the location of the facility that will be built in Gravity Smart Campus near Bridgwater, Somerset. According to the company, the facility will have a capacity of 40 GWh which is set to be the biggest in Britain, and will create up to 4,000 jobs with thousands more in the supply chain.