Affordable solar financing options to make clean energy accessible to Indian households
Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited and a leader in India’s renewable energy sector, has joined hands with Canara Bank, one of the country’s premier public sector banks, to promote the adoption of rooftop solar systems under the PM Surya GharScheme.
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. 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.
For systems with a capacity of up to 3 kW, the scheme offers loans of up to ₹ 2 lakh with a 10% margin money requirement, collateral-free financing, a competitive interest rate of 7% 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 ₹ 6 lakh with a 20% margin money requirement, collateral-free financing, and interest rates at 10% per annum, with a maximum tenure of 10 years. These options ensure financial flexibility and support households in their transition to clean energy solutions.
Mr. Deepesh Nanda, CEO & Managing Director, TPREL said, “This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India. Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide. 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”
Ms. R Anuradha, GM, Retail Assets, Canara Bank said, “Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme. 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. This initiative reflects our shared commitment to environmental stewardship and a cleaner, greener future”
TPREL, recognized as India’s No. 1 solar rooftop company, leads the market with over 100,000 satisfied 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.
Leveraging over 34 years of experience in EPC business and the trust of the Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological process with its indigenous cells and modules. Its strong commitment to customer satisfaction and the extensive network of channel partners further solidify its position as a trusted leader in the renewable energy sector.
The total renewables capacity of TPREL reached 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.
About Tata Power Renewable Energy Limited:
Tata Power Renewable Energy Limited (TPREL) is a subsidiary of The Tata Power Company Limited and is one of the country’s most significant renewable energy players. TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains. It also offers comprehensive green energy solutions for rural and urban areas like turnkey, EPC and O&M solutions for various business segments like utility-scale projects, solar rooftop, and solar pump systems. Alongside its extensive portfolio of renewable solutions, the company boasts a cutting-edge solar cell and module manufacturing plant in Bengaluru, with capacities of 530 MW for solar cells and 682 MW for modules. Additionally, the company’s 4.3 GW cells and module manufacturing plant, TP Solar has completed the construction of a 4 GW module manufacturing facility and 2 GW cell manufacturing capacity. In addition, TPREL also provides electric vehicle (EV) charging solutions across various segments and other advisory solutions across the renewable sector. As on date, TPREL’s total renewable utility capacity is 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. Presently, the company’s solar EPC portfolio is more than 15.7 GWp of ground-mount utility-scale, over 2.5 GW of rooftop and distributed ground-mounted systems. TPREL aims to provide energy access to millions of people across the country via its integrated green energy solutions. Know more: www.tatapowersolar.com
About Tata Power:
Tata Power (NSE: TATAPOWER; BSE:500400) is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 15.5 GW. The Company has a presence across the entire power value chain – generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, and trading. The Company developed the country’s first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 6.7 GW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 43% of the overall portfolio, the company is a leader in clean energy generation. It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from the Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand.
Tata Power is currently serving more than 12.5 million consumers via its Discoms, under a public-private partnership model viz Tata Power Delhi Distribution Ltd. with the Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, and TP Southern Odisha Distribution Limited with Government of Odisha.
With a focus on sustainable and clean energy development, Tata Power is steering the transformation as an integrated solutions provider by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al. In its 108 years track record of technology advancements, project execution excellence, world-class safety processes, customer care and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come. For more information visit us at: www.tatapower.com
