Tata Power Renewable Energy Partners with Canara Bank to Enhance PM Surya Ghar Muft Bijli Yojana
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New Delhi, Dec 20 (NationPress) Tata Power Renewable Energy Limited (TPREL), a part of the renowned Tata Group, revealed on Friday that it has formed a partnership with Canara Bank to enhance the adoption of rooftop solar systems through the PM Surya Ghar Muft Bijli Yojana.
Through this initiative, households can access customized financing options under the PM Surya Ghar Scheme, which is crafted to make rooftop solar installations both more accessible and affordable, as stated by the company.
For solar systems with a capacity of up to 3 kW, the scheme provides loans up to Rs 2 lakh with a 10 percent margin money requirement, collateral-free financing, a competitive interest rate of 7 percent per annum, and a maximum loan tenure of 10 years.
For systems ranging from 3 kW to 10 kW, the scheme offers loans of up to Rs 6 lakh with a 20 percent margin money requirement, collateral-free financing, and an interest rate of 10 percent per annum, also with a maximum tenure of 10 years.
“This initiative is perfectly aligned with Tata Power Renewable Energy Limited’s goal to promote the widespread use of solar energy in India,” stated Deepesh Nanda, CEO and Managing Director of TPREL.
By providing affordable financing options under the PM Surya Ghar Scheme, “we aspire to make clean energy solutions available to every household, encouraging a sustainable energy ecosystem and furthering India’s renewable energy goals,” he added.
TPREL currently serves over 100,000 solar rooftop clients, offering a wide array of solutions across various sectors, including residential, commercial, industrial, MSMEs, large enterprises, and group captives, showcasing its commitment to addressing diverse energy needs.
“Canara Bank is pleased to partner with Tata Power Renewable Energy Limited to facilitate the execution of the PM Surya Ghar Scheme,” commented R. Anuradha, GM of retail assets at Canara Bank.
The PM Surya Ghar Muft Bijli Yojana is a significant initiative launched by Prime Minister Narendra Modi on February 15, 2024, aimed at revolutionizing India’s energy landscape by delivering free electricity to households.
This initiative is poised to transform the country's energy framework by empowering millions of households with solar energy. The government has set an ambitious target of reaching 10 lakh households by March 2025 and expanding this to one crore by March 2027.
