- By Aditya Pratap Singh
- Fri, 20 Dec 2024 05:22 PM (IST)
- Source:JND
Tata Power-Canara Bank: Tata Power stated on Friday that it has partnered with Canara Bank to promote the adoption of rooftop solar systems under Prime Minister Surya Khar's program. Tata Power stated in a statement that the collaboration aims to give consumers access to solar solutions by offering attractive financing choices, allowing them to transition to a sustainable energy future.
As part of the initiative, households can take advantage of financing options designed under PM Surya Khar's program to make rooftop solar installations more accessible and affordable.
"Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide," Deepesh Nanda, CEO & Managing Director, TPREL said.
For systems up to 3 kilowatts capacity, the program is available at a 10% cash margin of Rs. It offers loans up to Rs. 2 lakh, collateral-free financing, a competitive interest rate of 7 per cent per annum, and a tenure of up to 10 years.
For systems ranging from 3kW to 10kW, the program offers loans up to Rs 6 lakh with a cash margin of 20%, collateral-free financing, and interest rates of 10% per annum, for a maximum tenure of 10 years.
"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," R Anuradha, GM, of Retail Assets, Canara Bank said.
TPREL has a total renewable energy capacity of 10.9 GW (PPA capacity of 8.9 GW). Out of total capacity, 5.5 GW of projects are under implementation at different stages and 5.4 GW of operational capacity, including 4.4 GW of solar and 1 GW of wind.
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(With Inputs From Agencies)
