Tata Power Solar Systems Limited (TPSSL) has declared the continuation of its collaboration with Union Bank of India (UBI). The renewed partnership is geared towards providing financial solutions for residential customers in line with the Government’s PM Surya Ghar Muft Bijli Yojana, as well as catering to the financing needs of commercial and industrial (C&I) customers.
As part of the renewed program, the loan thresholds have been expanded to Rs 1.5 million for residential customers and Rs 160 million for C&I customers. Financing alternatives of up to 80 per cent and 85 per cent are accessible for the corresponding categories, and both segments are eligible for collateral-free financing. The loan duration has also been prolonged to a maximum of 10 years, offering households and businesses an extended period for repayment. The newly extended three-year contract encompasses both the residential and C&I sectors, broadening its scope beyond the previous emphasis solely on the C&I segment. The earlier agreement led to the provision of financing totaling around Rs 1.65 billion for the C&I segment.
As part of this partnership, a distinctive program has been introduced within the expanded agreement, tailor-made for residential customers. The primary objective of this initiative is to improve access and affordability for a wider audience, thereby playing a significant role in promoting the widespread adoption of solar solutions.Recently, in February 2024, Tata Power Solar Systems declared that it enabled customer financing exceeding Rs 35 billion for solar projects over the last 4.5 years.In January 2024, Tata Power Renewable Energy Limited, in collaboration with Chengmari Tea Estate successfully completed the commissioning of a 1,040 kW bifacial solar system project.
