Tata Power-Canara Bank Collaboration:
Tata Power announced on Friday its partnership with Canara Bank to promote the adoption of rooftop solar systems under the Prime Minister’s Surya Khar program. According to Tata Power’s statement, the collaboration seeks to provide consumers with easy access to solar solutions by offering appealing financing options, facilitating a transition to a sustainable energy future.
As part of this initiative, households can benefit from tailored financing options under the PM Surya Khar program, making rooftop solar installations more affordable and accessible.
Deepesh Nanda, CEO and Managing Director of TPREL, stated, “This partnership with Canara Bank represents a crucial milestone in driving the widespread adoption of rooftop solar systems across the country.”
The program offers loans of up to ₹2 lakh for systems with a capacity of up to 3 kilowatts. It features a 10% cash margin, collateral-free financing, a competitive annual interest rate of 7%, and a repayment tenure of up to 10 years.
For systems ranging from 3 kW to 10 kW, the program provides loans of up to ₹6 lakh with a 20% cash margin, collateral-free financing, and an annual interest rate of 10%, with a maximum repayment tenure of 10 years.
“Through this partnership, we aim to equip households with the financial means to adopt solar energy, helping them lower energy costs while supporting India’s sustainability goals,” said R. Anuradha, General Manager of Retail Assets, Canara Bank.
TPREL currently boasts a total renewable energy capacity of 10.9 GW, with 8.9 GW under Power Purchase Agreements (PPA). This includes 5.5 GW of projects at various stages of implementation and 5.4 GW of operational capacity, comprising 4.4 GW of solar and 1 GW of wind energy.