Union Bank and Tata Power Solar Systems extend their collaboration to provide financing options

Tuesday saw the revival and growth of Tata Power Solar Systems Ltd.’s collaboration with Union Bank of India to provide financing options for clients in the residential, commercial, and industrial sectors. The switch to solar energy would be easier for both groups thanks to collateral-free financing alternatives, according to a statement from Tata Power Solar Systems Ltd. (TPSSL).

Unlike the previous arrangement, which concentrated only on the commercial and industrial (C&I) sector, this extended three-year one with Union Bank of India (UBI) covers both residential and C&I segments. “The revived initiative promises to offer financing up to 80% and 85% for the corresponding categories, with loan ceilings expanded up to Rs 15 lakh for residential consumers and Rs 16 crore for C&I customers. Notably, the business said that both groups would have access to financing alternatives without collateral, which will make the switch to solar energy easier.

According to the statement, the loan term has also been increased to ten years, giving families and companies plenty of time to settle the debt. The CEO and Managing Director of Tata Power Renewable Energy Ltd (TPREL), Deepesh Nanda, said that the country’s residential market would embrace roof-top solar systems more widely and that this success will be replicated in the C&I sector.
Within TPREL is a company called Tata Power Solar Systems Ltd. TPREL is a fully-owned subsidiary of Tata Power that develops, owns, and maintains renewable energy projects, such as solar, wind, hybrid, peak, floating solar, round-the-clock (RTC), and battery storage.