(MENAFN- KNN India)
Mumbai, Dec 20 (KNN)
Tata Power renewable energy Limited (TPREL), a subsidiary of Tata Power, has joined forces with Canara bank to offer affordable financing solutions for rooftop solar installations in India.
This initiative, aimed at promoting the widespread adoption of solar energy, is in line with the government's PM Surya Ghar Scheme, designed to increase access to clean energy.
Under the new offering, households can avail loans for rooftop solar systems with varying capacities. For systems up to 3 kW, loans of up to Rs 7.2 lakh are available with a 10 per cent margin money requirement, collateral-free financing, and an interest rate of 7 per cent
per annum for a tenure of up to 10 years.
For systems ranging between 3 kW and 10 kW, loans of up to Rs 7.6 lakh are provided with a 20 per cent margin, a 10 per cent
interest rate, and a 10-year repayment period.
Deepesh Nanda, CEO and Managing Director of TPREL, highlighted the significance of the partnership, stating,“This initiative aligns perfectly with Tata Power Renewable Energy Limited's mission to drive the widespread adoption of solar energy in India.
Our collaboration with Canara Bank is a crucial step in accelerating rooftop solar adoption across the nation, making clean energy solutions accessible to every household and contributing to India's renewable energy goals."
R Anuradha, General Manager of Retail Assets at Canara Bank, echoed similar sentiments, stating,“Through this partnership, we are providing households with the financial tools to embrace solar energy. This initiative reflects our commitment to environmental stewardship and a cleaner, greener future."
TPREL, a leader in India's rooftop solar sector, has already garnered over 100,000 satisfied customers across residential, commercial, and industrial segments.
With over 34 years of experience, TPREL has established a vast portfolio of renewable energy solutions, including 10.9 GW of capacity, with 5.4 GW operational.
This partnership marks a significant step toward overcoming financial barriers to renewable energy adoption, making rooftop solar systems more accessible and contributing to India's sustainability targets.
(KNN Bureau)
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