Tata Power RE With Canara Bank To Boost PM Solar Project For Homes
As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme
Tata Power RE With Canara Bank To Boost PM Solar Project For Homes
This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India -- Deepesh Nanda, CEO and Managing Director, TPREL
New Delhi: Tata Power Renewable Energy Limited (TPREL), a subsidiary of the Tata Group, on Friday said it has joined Canara Bank to promote the adoption of rooftop solar systems under the PM Surya Ghar Muft Bijli Yojana.
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, the company said in a statement.
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.
“This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India,” said Deepesh Nanda, CEO and Managing Di-rector, TPREL.
By offering affordable financing options under the PM Surya Ghar Scheme, “we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives,” he added.
TPREL currently has over 100,000 solar rooftop customers. The company offers comprehensive solutions across various sectors, including residential, commercial, and industrial, MSMEs, large enterprises, and group captives, demonstrating a strong commitment to meeting diverse energy needs.
“Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme,” said R Anuradha, GM, retail assets, Canara Bank.
