Tata Power Renewable partners with Canara Bank to promote solar systems

Tata Power on Friday said its arm Tata Power Renewable Energy Ltd (TPREL), has joined hands with Canara Bank to promote the adoption of rooftop solar systems under the PM Surya Ghar Scheme.

This collaboration aims to simplify access to solar energy solutions for households by providing attractive financing options, empowering citizens to transition to a more sustainable energy future, a Tata Power statement said.

As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable.

"Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide," Deepesh Nanda, CEO & Managing Director, TPREL said.

 

For systems with a capacity of up to 3 kW, the scheme offers loans of up to Rs 2 lakh with a 10 per cent margin money requirement, collateral-free financing, a competitive interest rate of 7 per cent per annum, and a tenure of up to 10 years.

For systems between 3 kW and 10 kW, the scheme provides loans of up to Rs 6 lakh with a 20 per cent margin money requirement, collateral-free financing, and interest rates at 10 per cent per annum, with a maximum tenure of 10 years.

"Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India's sustainability goals," R Anuradha, GM, Retail Assets, Canara Bank said.

The total renewables capacity of TPREL has touched 10.9 GW (PPA capacity is 8.9 GW) including 5.5 GW projects under various stages of implementation and its operational capacity is 5.4 GW, which includes 4.4 GW solar and 1 GW wind.