Synopsis: Tata Power Renewable Energy Limited (TPREL) has partnered with Canara Bank to advance rooftop solar adoption under the PM Surya Ghar Muft Bijli Yojana. The initiative offers tailored financing options for households, making solar energy accessible and affordable.
Tata Power Renewable Energy Limited (TPREL), a subsidiary of the Tata Group, has announced its partnership with Canara Bank to drive the adoption of rooftop solar systems under the PM Surya Ghar Muft Bijli Yojana.
This collaboration is set to play a pivotal role in advancing India’s renewable energy goals by providing affordable and accessible clean energy solutions to households across the country.
The initiative offers financing options tailored to encourage the installation of rooftop solar systems.
For systems with a capacity of up to 3 kW, the scheme provides loans of up to ₹2 lakh, requiring only a 10% margin money contribution.
These loans are collateral-free, with an attractive interest rate of 7% per annum and a tenure of up to 10 years.
For larger systems between 3 kW and 10 kW, loans of up to ₹6 lakh are available, with a 20% margin money requirement and an interest rate of 10% per annum.
“This initiative aligns perfectly with Tata Power Renewable Energy Limited's mission to drive the widespread adoption of solar energy in India,” said Deepesh Nanda, CEO and Managing Director of TPREL.
“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.”
The PM Surya Ghar Muft Bijli Yojana, launched by Prime Minister Narendra Modi on February 15, 2024, is a transformative initiative designed to provide free electricity to households through solar power.
The program has ambitious targets, aiming to cover 10 lakh households by March 2025 and expand its reach to one crore households by March 2027.
Canara Bank’s collaboration is a significant step in this direction.
“We are delighted to partner with Tata Power Renewable Energy Limited to implement the PM Surya Ghar Scheme,” said R. Anuradha, General Manager of Retail Assets at Canara Bank.
“This partnership will empower millions of households with affordable solar energy solutions.”
TPREL, which already boasts over 100,000 solar rooftop customers, offers comprehensive solutions for residential, commercial, and industrial sectors, as well as MSMEs, large enterprises, and group captives.
This demonstrates the company’s robust commitment to catering to diverse energy needs while supporting the nation’s transition to renewable energy.
Conclusion:
The collaboration between Tata Power Renewable Energy Limited and Canara Bank under the PM Surya Ghar Muft Bijli Yojana marks a significant milestone in India's renewable energy journey.
By providing tailored financing options, the initiative aims to empower households with clean energy solutions, reducing dependence on conventional electricity sources.
With ambitious targets and strong backing from government and private entities, the program is set to transform the country’s energy landscape, making solar power an integral part of India's sustainable future.
Disclaimer:
This article is for informational purposes only and should not be construed as financial, investment, or energy policy advice. Readers are encouraged to consult with qualified professionals before making any decisions related to renewable energy adoption or financial investments.
