Tata Power RE, IndusInd Bank Partner To Help MSEs With Solar Energy Financing Solutions

Tata Power Renewable Energy (TPREL), a subsidiary of The Tata Power Company (Tata Power) on Tuesday said that its strategic partnership with IndusInd Bank will facilitate accessible and affordable solar financing for Micro and Small Enterprises (MSEs), thereby promoting widespread solar energy adoption amongst MSEs.

This alliance will provide MSEs with collateral-free solar financing, by offering loans ranging from Rs 10 lakh to Rs 2 crore. These loans, contingent on the bank's credit approval, require a 20 per cent margin and come with competitive interest rates, offering terms of up to 7 years.

Deepesh Nanda, Chief Executive Officer (CEO) &  Managing Director (MD), of Tata Power Renewable Energy, said, "Tata Power Renewables has been leading the green energy transition, and is committed to accelerating the path to India's Net-Zero by 2070. This commitment extends to empowering MSEs, which are the backbone of India's economy, with accessible and affordable solar energy solutions. Through our partnership with IndusInd Bank, we are facilitating easy financing opportunities for MSEs to adopt solar energy, which will not only help them reduce operational costs but also actively contribute to the green energy transition."

Sanjeev Anand, Head of Corporate, Commercial, and Rural Banking, at IndusInd Bank, said, “We recognize that our impact extends well beyond financial services, and our partnership with Tata Power Renewable Energy Limited underscores our commitment towards integrating Environmental, Social, and Governance (ESG) factors into our business and operations. This collaboration reflects our endeavour to support MSEs through sustainable finance practices. By offering loans ranging from Rs 10 lakh to Rs 2 crore with flexible terms and competitive rates, we aim to facilitate investments in solar energy. This initiative aligns with our broader vision of environmental responsibility and supports India’s sustainability goals, including the net-zero target by 2070.”

TPREL has already facilitated more than Rs 4,200 crore financing for solar rooftop installation through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs, to boost solar adoption in India. As one of the leaders, TPREL leads the country’s solar energy landscape. With over 2.5 GW of solar rooftops installed and more than 1,00,000 satisfied customers, Tata Power Renewables continues to set benchmarks. The Company’s initiatives are projected to offset over 51.67 million tons of CO2, equivalent to planting 1.8 million trees over the next 25 years.