Tata Power Solar Partners with ICICI Bank to Boost Solar Adoption in India

Tata Power Solar Systems Limited (TPSSL), a leading solar energy company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with ICICI Bank to provide tailored financial solutions for purchasing solar panels. This collaboration aims to make sustainable energy more accessible and affordable for residential and corporate customers across India.

Making Solar Energy More Accessible

Through this collaboration, ICICI Bank will offer specially designed loans with attractive interest rates to help customers purchase solar panels from Tata Power Solar. The financial solutions are designed to cater to a diverse range of customers, providing loans of up to ₹90 lakh without requiring collateral, and with flexible tenures extending up to five years. For those seeking higher loan amounts, options with collateral are available, offering loan tenures of up to 20 years. Customers can also benefit from flexible down-payment options, ranging from 20-25% of the loan amount, making it easier to invest in solar energy.

This innovative financing model is expected to significantly enhance the adoption of solar energy by reducing the initial financial burden on customers. By making solar energy more affordable, Tata Power Solar and ICICI Bank are paving the way for a broader transition to clean and sustainable energy solutions in India.

Promoting Clean Energy Adoption

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

Anuj Bhargava, Head of the Global Clients Group at ICICI Bank, echoed these sentiments, highlighting the bank's commitment to supporting green energy initiatives. "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."

Tata Power Solar: Leading the Way in Solar Rooftop Solutions

Tata Power Solar is recognized as India’s No. 1 solar rooftop company, with a strong track record of serving over 70,000 satisfied customers. The company offers comprehensive solar solutions for both residential and commercial applications, ensuring that customers across various regions can benefit from their products and services. With an extensive pan-India presence, Tata Power Solar continues to lead the market in solar energy solutions.

The partnership with ICICI Bank further strengthens Tata Power Solar's commitment to driving India's transition to sustainable energy. By leveraging its expertise in solar energy and ICICI Bank's strong financial services network, the collaboration aims to foster widespread adoption of solar energy across the country.