Tata Power Solar Systems collaborates with ICICI Bank

Tata Power Solar Systems Ltd (TPSSL), a solar company and a wholly-owned subsidiary of Tata Power Renewable Energy Ltd (TPREL), on Friday announced a strategic collaboration with ICICI Bank to provide loans to finance the purchase of solar panels or units for residential and corporate customers. The collaboration is aimed at enhancing the accessibility and affordability of sustainable energy solutions for a broader adoption of solar energy, Tata Power said in a press release.

Tata Power Renewable Energy is a subsidiary of Tata group power generation company Tata Power. 

Under the agreement, ICICI Bank will offer tailored financial solutions for the purchase of solar panels from TPSSL.

Customers will be able to avail loans up to Rs 90 lakh with collateral-free options and tenure extending up to five years, the company said. They will also be able to avail higher amounts of loans with collateral in tenures of up to 20 years, and will be able to enjoy flexible downpayment options at 20-25 per cent of the loan amount, making it easier for them to invest in solar energy, according to the release. 

"Partnering with ICICI Bank marks a significant advancement towards the promotion of clean energy adoption. By introducing flexible financing solutions, we are supporting allsegments of customers. This initiative empowers individuals and businesses alike to embrace sustainable energy, driving India towards a more environmentally friendly future," said Deepesh Nanda, CEO and Managing Director, Tata Power Renewable Energy.

"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," said Anuj Bhargava, Head- Global Clients Group, ICICI Bank. 

Tata Power shares ended 1.2 per cent lower while ICICI Bank shares rose 1.1 per cent to end at Rs 418 and Rs 1,203.6 apiece on BSE, respectively.