Tata Power Renewable Energy partners with IndusInd Bank for collateral free solar financing upto Rs 2 crore for MSEs
Oct 29, 2024
New Delhi [India], October 29 : Tata Power Renewable Energy has announced partnership with IndusInd Bank to facilitate accessible and affordable solar financing for Micro and Small Enterprises (MSEs), the company informed the exchange in a filing on Tuesday.
Tata Power Renewable Energy (TPREL), is a subsidiary of The Tata Power Company (Tata Power).
As per the company statement this alliance will provide MSEs with collateral-free solar financing, by offering loans ranging from Rs 10 lakh to Rs 2 crore. These loans, contingent on the bank's credit approval, require a 20 per cent margin and come with competitive interest rates, offering terms of up to 7 years.
" Through our partnership with IndusInd Bank, we are facilitating easy financing opportunities for MSEs to adopt solar energy, which will not only help them reduce operational costs but also actively contribute to the green energy transition" said, Deepesh Nanda, CEO & MD, Tata Power Renewable Energy.
IndusInd Bank's collaboration with Tata Power Group will accentuate the focus on providing customized financial solutions for rooftop solar installations. The bank enables businesses to optimize costs, enhance efficiency, and showcase their commitment to a sustainable future.
"By offering loans ranging from Rs 10 lakh to Rs 2 crore with flexible terms and competitive rates, we aim to facilitate investments in solar energy" said Sanjeev Anand, Head of Corporate, Commercial, and Rural Banking, IndusInd Bank.
TPREL has already played a significant role in solar adoption across India, securing over Rs 4,200 crore in financing for solar projects through partnerships with more than 20 financial institutions, including public sector undertakings, private banks, and non-banking financial companies (NBFCs).
The company has installed over 2.5 gigawatts (GW) of solar rooftop capacity and serves more than 100,000 customers, making it one of the country's leaders in solar energy solutions.
The Company's initiatives are projected to offset over 51.67 million tons of CO2, equivalent to planting 1.8 million trees over the next 25 years.
