Tata Power Solar Systems, Union Bank to offer financing solutions for solar power installations

Tata Power Solar Systems Ltd on Tuesday announced the renewal and expansion of its partnership with Union Bank of India to offer financing solutions for residential and Commercial and Industrial customers.

Both the categories will have access to collateral-free financing options, making the transition to solar energy more accessible, Tata Power Solar Systems Ltd (TPSSL) said in a statement.

This renewed three-year agreement with Union Bank of India (UBI) includes both residential and Commercial and Industrial (C&I) segments compared to the earlier one which focused only on the C&I segment.

"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% and 85% for the respective categories. Notably, both the categories will have access to collateral-free financing options, making the transition to solar energy more accessible," the company said.

The loan tenure has also been extended up to 10 years, allowing households and businesses ample time for repayment, it said.

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, Deepesh Nanda, CEO and Managing Director of Tata Power Renewable Energy Ltd (TPREL), said.

Tata Power Solar Systems Ltd is a subsidiary of TPREL.

A wholly-owned subsidiary of Tata Power, TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains.