TPREL and IndusInd Bank Ltd Boost Solar Financing for Small Businesses
Tata Power Renewable Energy Ltd (TPREL), a subsidiary of Tata Power Company Ltd, has announced a strategic partnership with IndusInd Bank Ltd, aimed at helping Micro and Small Enterprises (MSEs) access affordable financing for solar energy installations. The initiative offers collateral-free loans from INR 10 lakh to INR 2 crore, subject to credit approval, with a 20 percent margin, competitive interest rates, and repayment terms of up to seven years.
Deepesh Nanda, CEO and Managing Director, TPREL, highlighted the company’s dedication to accelerating the country’s path toward its 2070 Net-Zero goal, viewing the collaboration as a way to facilitate smoother financing for MSEs interested in adopting solar energy. According to Nanda, the initiative will aid these businesses in reducing operational costs while supporting the country’s transition to cleaner energy.
Sanjeev Anand, Head - Corporate, Commercial, and Rural Banking & Inclusive Banking, IndusInd Bank Ltd, noted that the bank’s focus on sustainable financing aligns with this new initiative. He pointed out that by providing loans with flexible terms, the bank aims to enable MSEs to invest in solar energy and contribute to India’s environmental goals.
The bank has supported various solar initiatives through its Indus Solar loan program, including rooftop installations. This partnership with Tata Power Company Ltd will offer specific financial solutions for solar installations, encouraging businesses to adopt clean energy as part of their operations.
TPREL has already facilitated financing worth over INR 4,200 crore for solar rooftop projects across the country and has installed over 2.5 GW of solar capacity, serving more than 100,000 customers. The company’s solar initiatives are projected to offset over 51 million tons of carbon dioxide emissions, equal to planting 1.8 million trees over 25 years.
Image Source: Tata Power Renewable Energy Ltd