Canara Bank and Tata Power Renewable Collaborate to Promote Solar Systems

As part of the PM Surya Ghar Scheme, Tata Power said on Friday that its subsidiary, Tata Power Renewable Energy Ltd (TPREL), has partnered with Canara Bank to encourage the installation of rooftop solar systems.

By offering appealing financing choices, this partnership seeks to make it easier for households to access solar energy solutions, enabling them to make the shift to a more sustainable energy future, according to a Tata Power statement.

Households can take use of customized financing alternatives under the PM Surya Ghar Scheme as part of the effort, which aims to lower the cost and increase the accessibility of rooftop solar installations.

"Our partnership with Canara Bank marks a significant step in accelerating the adoption of rooftop solar systems nationwide," Deepesh Nanda, CEO & Managing Director, TPREL remarked.

The program provides loans up to Rs 2 lakh for systems up to 3 kW in capacity, with a 10% margin money need, no collateral, a competitive interest rate of 7% annually, and a maximum 10-year term.

The program offers loans up to Rs 6 lakh for systems ranging from 3 kW to 10 kW, with a 20% margin money requirement, collateral-free financing, and interest rates of 10% annually for a maximum of 10 years.

R Anuradha, General Manager, Retail Assets at Canara Bank, stated, "With this partnership, we are giving households the financial tools to embrace solar energy, lowering their energy costs while contributing to India's sustainability goals."

With 5.5 GW of projects in various phases of implementation and an operational capacity of 5.4 GW, which comprises 4.4 GW of solar and 1 GW of wind, TPREL's total renewables capacity has reached 10.9 GW (PPA capacity is 8.9 GW).