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Tata Power partners with Canara Bank to boost rooftop solar adoption As on : 20-Dec-24  10:54

Shares of Canara Bank shed 0.47% to currently trade at Rs 102.42 on the BSE.

The said collaboration aims to simplify access to solar energy solutions for households by providing attractive financing options, empowering citizens to transition to a more sustainable energy future.

As part of the initiative, households can benefit from tailored financing options under the PM Surya Ghar Scheme, designed to make rooftop solar installations more accessible and affordable.

For systems with a capacity of up to 3 kW, the scheme offers loans of up to Rs 2 lakh with a 10% margin money requirement, collateral-free financing, a competitive interest rate of 7% per annum, and tenure of up to 10 years. For systems between 3 kW and 10 kW, the scheme provides loans of up to Rs 6 lakh with a 20% margin money requirement, collateral-free financing, and interest rates at 10% per annum, with a maximum tenure of 10 years. These options ensure financial flexibility and support households in their transition to clean energy solutions, it added.

Deepesh Nanda, CEO & MD, TPREL, said, 'This initiative aligns perfectly with Tata Power Renewable Energy Limited's mission to drive the widespread adoption of solar energy in India. Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide. By offering affordable financing options under the PM Surya Ghar Scheme, we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India's renewable energy objectives.'

R. Anuradha, GM, Retail Assets, Canara Bank, said, 'Canara Bank is happy to collaborate with Tata Power Renewable Energy Limited to drive the implementation of the PM Surya Ghar Scheme. Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India's sustainability goals. This initiative reflects our shared commitment to environmental stewardship and a cleaner, greener future.

TPREL, recognized as India's No. 1 solar rooftop company, leads the market with over 100,000 satisfied customers. The company offers comprehensive solutions across various sectors, including residential, commercial, and industrial, MSMEs, large enterprises, and group captives, demonstrating a strong commitment to meeting diverse energy needs.

Tata Power Company is one of India's largest integrated power companies, and together with its subsidiaries and jointly controlled entities, it has an installed/managed capacity of 14,453 MW. The company has a presence across the entire power value chain'generation of renewable as well as conventional power, including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

Canara Bank is an Indian public sector bank. As on 30 September 2024, the bank has 9,658 branches, out of which 3,115 are rural, 2,778 semiurban, 1,918 urban & 1,847 metro along with 9,881 ATMs. The bank is also having 4 overseas branches in London, New York, Dubai and Gift City.

Shares of Tata Power Company fell 0.32% to Rs 411.30 on the BSE.

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