TPSSL, Indian Bank Tie-Up To Support PM Surya Ghar Muft Bijli Yojana

TPSSL, Indian Bank Tie-Up To Support PM Surya Ghar Muft Bijli Yojana

Tata Power Solar Systems Limited (TPSSL), established its strategic partnership with the Indian Bank through which it aims to support solar rooftops adoption among residential consumers. 

TPSSL a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) partnered with the Indian company to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme. Through this partnership, they aim to install up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme. Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to ₹ 2 lakh at an annual interest rate of 7%, in compliance with government regulations. With a nominal margin money requirement of 10% and collateral-free financing, homeowners can embark on their solar journey with ease. Furthermore, the tenure for repayment extends up to 10 years, offering flexibility and convenience.

For installations exceeding 3 KW up to 10 KW, TPSSL, and Indian Bank present a tailored financing solution that accommodates the diverse needs of homeowners. Eligible applicants can access loans up to ₹ 6 Lakh, with a margin money requirement of 20%. Interest rates ranging from 8.4% to 10.8% per annum ensure competitive financing options.

Deepesh Nanda, Chief Executive Officer (CEO) and Managing Director, of Tata Power Renewable Energy Limited, stated, “At Tata Power Renewable Energy Limited, we are resolutely committed to propelling a sustainable future through the promotion of renewable energy solutions. This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar adoption. Together, we are poised to harness our collective expertise and resources to illuminate households and catalyse energy transition nationwide.”

Vikas Kumar, Chief General Manager, Retail Assets & MSME, Indian Bank commented, “We are honored to announce this initiative towards advancing the goals of PM Surya Ghar Muft Bijli Yojana. This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to India’s energy objectives and ensure the success of this laudable initiative.”

Aligned with the government’s commitment to champion residential solar, this collaboration between TPSSL and Indian Bank seamlessly integrates with the core objectives of the Government’s PM-Surya Ghar Muft Bijli Yojana initiative. By prioritizing improved accessibility and affordability for a broader spectrum of stakeholders, this initiative is poised to make a profound impact on the widespread adoption of solar solutions. TPSSL stands at the forefront of the renewable energy landscape. With a solar rooftop portfolio of over 2 GW, the Company is making significant strides across various states and cities.

The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captives, and other customized offerings, showcasing a commitment to diverse energy needs. Leveraging 34 years of experience and the trust of the Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological prowess 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.