Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has renewed and expanded its partnership with Union Bank of India (UBI) to offer easy and affordable financing solutions for residential customers, in line with the Government’s PM Surya Ghar Muft Bijli Yojana, as well as for commercial and industrial (C&I) customers.
Enhanced loan limits and tenure
The renewed scheme plans to provide financing up to 80% for residential customers and up to 85% for C&I customers, with loan limits extended up to ₹15 lakh and ₹16 crore, respectively. 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.
Inclusive three-year agreement
This three-year agreement includes both residential and C&I segments compared to the earlier one which focused only on C&I segment and resulted in the financing of approximately ₹165 crore for the segment . The initiative is well aligned with the recently launched Government scheme PM-Surya Ghar Muft Bijli Yojana, which aims to enhance affordability and promote the widespread solar rooftop adoption. As part of this collaboration, a special scheme under the extended agreement has been introduced, specifically tailored for residential customers.
Quotes from the partners
Deepesh Nanda, CEO & Managing Director, 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 the 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.”
Pravin Sharma, CGM, MSME, Union Bank of India, added, “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.”
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