National, 23rd August ,2024: Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announces its strategic collaboration with ICICI Bank, a leading private sector bank in India, to provide loans to finance the purchase of solar panels/ units for residential and Corporate customers.
This collaboration aims to enhance the accessibility and affordability of sustainable energy solutions for a broader adoption of solar energy. Under this collaboration, ICICI Bank will offer tailored financial solutions* with attractive interest rates, for the purchase of solar panels from Tata Power Solar. Customers can avail of loans up to ₹ 90 lakh with collateral-free options and tenure extending up to 5 years. They can also avail higher amounts of loans with collaterals with tenures of up to 20 years. Customers shall enjoy flexible down-payment options at 20-25% of the loan amount, making it easier for them to invest in solar energy.
Mr. Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, commented on the collaboration, stating, "Partnering with ICICI Bank marks a significant advancement towards the promotion of clean energy adoption. By introducing flexible financing solutions, we are supporting all segments of customers. This initiative empowers individuals and businesses alike to embrace sustainable energy, driving India towards a more environmentally friendly future."
Mr. Anuj Bhargava, Head- Global Clients Group, ICICI Bank, added, "Our collaboration with Tata Power Solar Systems reflects our dedication to support green energy initiatives and provide the residential and corporate customers with the financial assistance that they need to invest in solar solutions. We believe that this association will significantly help customers to adopt renewable energy."
Tata Power Solar is recognized as India’s No. 1 solar rooftop company, leading the market with over 70,000 satisfied customers and comprehensive solar solutions for both residential and commercial applications. With an extensive pan-India presence, Tata Power ensures that customers across various regions can benefit from this initiative. The company’s legacy of excellence and innovation highlights its commitment to driving India’s transition to sustainable energy.
For more information and to apply for a solar loan, visit
[www.solaroof.tatapower.com](http://www.solaroof.tatapower.com) or call 1800 25 77777.
*Terms and conditions apply.
About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at ₹ 18,92,697 crore on June 30, 2024.
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, with the cell production facility set to be commissioned later this year. 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 10.1 GW (PPA capacity is 8.2 GW) including 5.3 GW projects under various stages of implementation and its operational capacity is 4.8 GW, which includes 3.8 GW solar and 1 GW wind. Presently, the company's solar EPC portfolio is more than 13.5 GWp of ground-mount utility-scale, over 2 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 is a leading integrated power company and a part of Tata Group, India’s largest multi-national business conglomerate. The company has a diversified portfolio of 15010 MW, spanning across the entire power value chain - from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing. As a pioneer of clean energy transition in India, Tata Power has 6150 MW of clean energy generation, which constitutes 41% of its total capacity. The company has also committed to achieve carbon neutrality before 2045.Tata Power has established India’s most comprehensive clean energy platform, with offerings such as rooftop solar, microgrids, storage solutions, EV charging infrastructure, home automation et al. The company has also attracted global investors to support its growth and vision. Tata Power has successfully partnered with public and private entities in generation, transmission & distribution sectors in India, serving 12.5 million customers across the country. To know more about Tata Power, visit www.tatapower.com
Disclaimer:
The following press release/announcement may contain forward-looking statements within the meaning of applicable securities laws and regulations. These statements are based on management's current views, expectations, assumptions, and projections regarding the Company's future performance, business plans, growth prospects, competitive and regulatory environment, and other related matters. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in the statements. Factors that could cause actual results to differ materially from those contemplated in the forward-looking statements are not limited to changes in economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, alterations in the business environment, fluctuations in Government regulations, laws, statutes, judicial pronouncements, and other incidental factors. The Company does not undertake any obligation to publicly update or revise any forward-looking statements based on subsequent events, information, or developments, except as required by applicable laws and regulations
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