Tata Power joins hands with IndusInd Bank to offer affordable solar loans
Key Points:
– Tata Power, IndusInd to provide loans from ₹10 lakh to ₹2 crore
– Loans aim to support solar adoption among Micro and Small Enterprises
– Initiative aligns with India’s net-zero target by 2070
JAMSHEDPUR – Tata Power Renewable Energy Limited (TPREL) has teamed up with IndusInd Bank to offer collateral-free solar financing to Micro and Small Enterprises (MSEs) in India.
This strategic partnership will allow MSEs access to loans between ₹10 lakh and ₹2 crore, contingent on credit approval, with a 20% margin requirement. The loans come with competitive rates and repayment terms up to seven years, making solar adoption more affordable for small businesses.
Deepesh Nanda, CEO of TPREL, emphasized that this collaboration supports MSEs, which he called “the backbone of India’s economy,” to reduce costs and contribute to India’s green energy goals. “This partnership will enable MSEs to cut operational expenses and advance India’s journey to net-zero,” Nanda stated.
Sanjeev Anand, Head of Corporate and Rural Banking at IndusInd Bank, highlighted the bank’s commitment to sustainable financing, noting that the partnership aligns with India’s environmental goals. “Our ESG-focused collaboration with Tata Power provides MSEs with easy solar financing options, reinforcing our commitment to responsible banking,” said Anand.
This initiative is part of TPREL’s broader vision of expanding solar access nationwide. TPREL’s track record includes financing over ₹4,200 crore in solar rooftop projects, facilitated by a network of over 500 partners in 300 cities. Tata Power Renewables has supported more than 1,00,000 customers and aims to offset millions of tons of CO₂ through its initiatives, aligned with the government’s renewable energy ambitions.
