Tata Power and Canara Bank Partner to Promote Rooftop Solar Adoption Under PM Surya Ghar Scheme
Tata Power Renewable Energy, a subsidiary of Tata Power, has partnered with Canara Bank to encourage the adoption of rooftop solar systems under the PM Surya Ghar Scheme. The collaboration aims to make solar energy solutions more accessible to households by offering attractive financing options, helping citizens transition to sustainable energy sources.
The partnership will provide households with customized financing options under the PM Surya Ghar Scheme, which is designed to make rooftop solar installations more affordable. For systems with a capacity of up to 3 kW, the scheme offers loans of up to Rs 2 lakh, with a 10% margin money requirement, collateral-free financing, and a competitive interest rate of 7% per annum. The loan tenure for these systems can extend up to 10 years. For larger systems, between 3 kW and 10 kW, loans of up to Rs 6 lakh are available, with a 20% margin money requirement, collateral-free financing, and an interest rate of 10% per annum. The loan tenure for these systems is also up to 10 years.
Deepesh Nanda, CEO & MD of Tata Power Renewable Energy, emphasized that this initiative aligns with the company’s mission to drive the widespread adoption of solar energy in India. “Our partnership with Canara Bank is a significant step in accelerating the adoption of rooftop solar systems nationwide. By offering affordable financing options, we aim to make clean energy accessible to every household, fostering a sustainable energy ecosystem,” he said.
R. Anuradha, GM of Retail Assets at Canara Bank, expressed the bank’s excitement about the collaboration. “We are happy to work with Tata Power Renewable Energy to implement the PM Surya Ghar Scheme. This partnership will provide households with the financial tools to embrace solar energy, reduce their energy costs, and contribute to India’s sustainability goals,” she said.
Tata Power Renewable Energy is recognized as India’s leading solar rooftop company, with over 100,000 satisfied customers. The company offers a wide range of solar solutions for residential, commercial, industrial, and MSME sectors, demonstrating its commitment to meeting diverse energy needs.
Tata Power is one of India’s largest integrated power companies, with an installed capacity of 14,453 MW. The company operates across the entire power value chain, including renewable and conventional power generation, transmission and distribution, coal and freight, logistics, and trading.
Canara Bank, a public sector bank in India, has a network of 9,658 branches, including 3,115 in rural areas, and operates 9,881 ATMs. The bank also has overseas branches in London, New York, Dubai, and Gift City.
