Tata Power Renewable Energy Limited partners with IndusInd Bank to empower MSEs with Solar Energy Financing solutions

(MENAFN- Adfactors PR) Bengaluru, October 29th 2024: Tata Power Renewable Energy Limited (TPREL or Tata Power Renewables), one of India's leading renewable energy companies and a subsidiary of Tata Power has announced a strategic partnership with IndusInd Bank Limited to facilitate accessible and affordable solar financing for Micro and Small Enterprises (MSEs), thereby promoting widespread solar energy adoption amongst MSEs.

This alliance will provide MSEs with collateral-free solar financing, by offering loans ranging from ₹ 10 lakh to ₹ 2 crore. These loans, contingent on the bank's credit approval, require a 20% margin and come with competitive interest rates, offering terms of up to 7 years.

Deepesh Nanda, CEO & MD, Tata Power Renewable Energy Limited, said, "Tata Power Renewables has been leading the green energy transition, and is committed to accelerating path to India's Net-Zero by 2070. This commitment extends to empowering MSEs, which are the backbone of India's economy, with accessible and affordable solar energy solutions. Through our partnership with IndusInd Bank, we are facilitating easy financing opportunities for MSEs to adopt solar energy, which will not only help them reduce operational costs but also actively contribute to the green energy transition."

Sanjeev Anand, Head of Corporate, Commercial, and Rural Banking, IndusInd Bank, said, “We recognize that our impact extends well beyond financial services, and our partnership with Tata Power Renewable Energy Limited underscores our commitment towards integrating Environmental, Social, and Governance (ESG) factors into our business and operations. This collaboration reflects our endeavour to support MSEs through sustainable finance practices. By offering loans ranging from ₹ 10 lakh to ₹ 2 crore with flexible terms and competitive rates, we aim to facilitate investments in solar energy. This initiative aligns with our broader vision of environmental responsibility and supports India’s sustainability goals, including the net-zero target by 2070.”

IndusInd Bank has been rampant in sustainability financing, especially with the projects in solar energy financing, including the launch of Indus Solar rooftop loans. This collaboration with Tata Power Group will accentuate the focus on providing customized financial solutions for rooftop solar installations. The bank enables businesses to optimize costs, enhance efficiency, and showcase their commitment to a sustainable future.

TPREL has already facilitated more than ₹ 4,200 crore financing for solar rooftop installation through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs, to boost solar adoption in India. As one of the leaders, TPREL leads the country’s solar energy landscape. With over 2.5 GW of solar rooftops installed and more than 1,00,000 satisfied customers, Tata Power Renewables continues to set benchmarks. The Company’s initiatives are projected to offset over 51.67 million tons of CO2, equivalent to planting 1.8 million trees over the next 25 years. From residential to commercial and industrial sectors, the Company’s comprehensive solutions drive India’s transition towards renewable energy across multiple industries.

Backed by 34 years of expertise in solar and the trust of the Tata brand, the Company delivers cutting-edge solar technology, operational excellence, and industry-leading customer support. With a strong network of 500 channel partners and a presence in over 300 cities, Tata Power Renewables remains a leader in India’s renewable energy journey.

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