Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL) has announced partnership with ICICI Bank, to provide loans to finance the purchase of solar panels or units for residential and corporate consumers.
Under this partnership, customers can avail of loans up to Rs 9 million with collateral-free options and time period extending up to 5 years. They can also avail higher amounts of loans with collaterals with tenures of up to 20 years. Customers will also have the option of flexible down-payment at 20-25 per cent of the loan amount. This is aimed at making it easier for individuals to invest in solar energy by making it accessible and affordable.
In August 2024, Tata Power signed a memorandum of understanding (MoU) with the government of Maharashtra to set up two pumped hydro storage projects (PSP) combined generation capacity of 2,800 MW and expected cost of Rs 130 billion. In July 2024, Bank of India and TPSSL entered into a partnership to provide easier loans and financing for rooftop solar panel installation and electric vehicle (EV) charging station.
