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 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 1.5 million for residential and Rs 0.16 billion for C&I customers, the renewed scheme plans to provide financing up to 80 per cent and 85 per cent 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 Rs 1.65 billion for the segment.
