Micro and small enterprises can soon reduce operational costs with Tata Power Renewable Energy Ltd. announcing affordable financing for installing solar modules.
The energy company announced a partnership with IndusInd Bank Ltd. last week to offer collateral-free loans to MSEs, promoting widespread solar adoption among small businesses.
According to a statement, this alliance will provide MSEs with collateral-free solar financing by offering loans ranging from ₹10 lakh to ₹2 crore.
These loans, contingent on the bank’s credit approval, require a 20 percent margin and come with competitive interest rates, offering terms of up to 7 years.
“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,” said TPREL CEO & MD Deepesh Nanda in a statement.
Nanda added that the company has been leading the energy transition in the country and is committed to accelerating the path of India’s net-zero commitment by 2070.
“This commitment extends to empowering MSEs, which are the backbone of India’s economy, with accessible and affordable solar energy solutions,” said Nanda.
TPREL has already facilitated more than ₹4,200 crore financing for solar rooftop installation through collaborations with over 20 active financing partners to boost solar adoption in India.
“This collaboration reflects our endeavor to support MSEs through sustainable finance practices,” said Sanjeev Anand, head of corporate, commercial, and rural banking of IndusInd Bank.
IndusInd Bank has been active in sustainability financing, especially with projects in solar energy projects, including the launch of Indus Solar rooftop loans.
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