Tata Power Renewable Energy Limited or TPREL has partnered with the IndusInd Bank to provide solar energy finance to the Indian MSEs.
Through loans ranging from ₹ 10 lakh to ₹ 2 crore, this partnership will give MSEs access to solar financing without the need for collateral. These loans, which have competitive interest rates and terms of up to seven years, are subject to the bank’s credit approval and require a 20% margin.
Deepesh Nanda, CEO & MD, Tata Power Renewable Energy Limited, said, “… This commitment extends to empowering MSEs, which are the backbone of India’s economy, with accessible and affordable solar energy solutions. Our partnership will facilitate easy financing opportunities for MSEs to adopt solar energy, which will help them to reduce operational costs and contribute to the green energy transition.”
Sanjeev Anand, Head, Corporate, Commercial, and Rural Banking, IndusInd Bank, said, “We recognize that our impact extends well beyond financial services, and our partnership with Tata Power Renewable Energy Limited underscores our commitment towards integrating Environmental, Social, and Governance (ESG) factors into our business and operations. This collaboration reflects our endeavour to support MSEs through sustainable finance practices. This initiative aligns with our broader vision of environmental responsibility and supports India’s sustainability goals, including the net-zero target by 2070.”
IndusInd Bank has been rampant in sustainability financing, especially with the projects in solar energy financing, including the launch of Indus Solar rooftop loans. This collaboration with Tata Power Group will accentuate the focus on providing customized financial solutions for rooftop solar installations.
TPREL has already facilitated more than ₹ 4,200 crore financing for solar rooftop installation through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs, to boost solar adoption in India. The company has over 2.5 GW of solar rooftops installed and more than 1,00,000 customers. The company’s initiatives are projected to offset over 51.67 million tons of CO2, equivalent to planting 1.8 million trees over the next 25 years.
