Solex Energy, SBI partner to provide finance for solar projects

Solex Energy on Saturday said it has partnered with State Bank of India (SBI) to offer solar financing options for commercial, industrial, and institutional customers.

As part of the partnership, SBI will offer solar financing through loans up to Rs 10 crore for solar projects under its Surya Shakti Solar Finance Scheme across India, Solex Energy said in a statement.

"The collaboration aims to make solar energy accessible, affordable, and a driving force for India's renewable energy future. The partnership will accelerate the growth of solar energy and empower our clients and channel partners to adopt solar solutions and drive business expansion swiftly," Solex Energy Chairman & Managing Director (CMD) Chetan Shah said.

While Solex Energy will offer end-to-end support to customers -- from site evaluation and design to obtaining regulatory approvals -- SBI will provide a digital platform that ensures a hassle-free loan application process for financing solar projects.

Various public and private sector lenders are tied up with solar players to provide finance options for commercial and residential solar projects.

In August, Tata Power Solar Systems Ltd (TPSSL) signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers.

Based in Surat, Solex Energy is in the process of expanding its solar module manufacturing capacity to 1.5 gigawatts (GW) from 700 megawatts (MW), at present, in Tadkeshwar, Gujarat.