Tata Power arm TPSSL partnered with Union Bank of India to provide Solar energy solutions

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.

Tata Power arm TPSSL partnered with Union Bank of India to provide Solar energy solutions

New Delhi: Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced the renewal and expansion of its partnership with the Union Bank of India to offer solar energy solutions.

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 categories will have access to collateral-free financing options, making the transition to solar energy more accessible.

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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 the C&I segment and resulted in the financing of  Rs 165 crore for the segment.

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In line with the Government's commitment to promoting Residential Solar, this initiative by TPSSL and UBI is well aligned with the recently launched Government scheme PM-Surya Ghar Muft Bijli Yojana.

As part of this collaboration, a special scheme under the extended agreement has been introduced, specifically tailored for Residential customers. This initiative aims to improve accessibility and affordability for a wider audience, thereby making a significant contribution to the widespread adoption of solar solutions.

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