Tata Power Company’s subsidiary -- Tata Power Renewable Energy’s (TPREL's) wholly owned subsidiary -- Tata Power Solar Systems (TPSSL) has renewed its partnership with Union Bank of India (UBI) to offer 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.
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 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 C&I segment and resulted in the financing of around Rs 165 crore for the segment.
