Tata Power Partners with Canara Bank to Boost Solar Energy Adoption in India

Tata Power Renewable Energy Ltd (TPREL), a leading renewable energy subsidiary of Tata Power, has announced a strategic partnership with Canara Bank to facilitate the widespread adoption of rooftop solar systems under the PM Surya Ghar Scheme.

This initiative is aimed at empowering households across India to transition to clean and sustainable energy by offering accessible and affordable financing options. According to a statement released by Tata Power, the collaboration will help simplify the process for citizens, making it easier for them to embrace solar energy solutions while contributing to India’s sustainability goals.

Simplified Financing for Solar Energy

As part of the partnership, Tata Power and Canara Bank will offer tailored financial assistance to households interested in installing rooftop solar systems (PM Surya Ghar Scheme). These financing options are specifically designed to remove cost barriers and encourage households to make the shift to solar energy.

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

Financing Details

• For systems up to 3 kW: Loans of up to ₹2 lakh are available with a 10% margin money requirement, collateral-free financing, a competitive interest rate of 7% per annum, and a repayment tenure of up to 10 years.

• For systems between 3 kW and 10 kW: Loans of up to ₹6 lakh can be availed with a 20% margin money requirement, collateral-free financing, a 10% interest rate per annum, and a maximum tenure of 10 years.

R Anuradha, General Manager, Retail Assets, Canara Bank, added, "Through this partnership, we are providing households with the financial tools to embrace solar energy, reducing their energy costs while contributing to India's sustainability goals."

Expanding Renewable Energy Capacity

Tata Power Renewable Energy Ltd has been a pioneer in driving India’s renewable energy sector. The total renewables capacity of TPREL has now reached 10.9 GW, with 8.9 GW under power purchase agreements (PPAs). This includes 5.5 GW of projects in various stages of implementation and an operational capacity of 5.4 GW, comprising 4.4 GW of solar and 1 GW of wind projects.

This initiative aligns with India's ambitious renewable energy targets and supports the government’s efforts to reduce dependence on fossil fuels while enhancing energy security.

Conclusion

The collaboration between Tata Power Renewable Energy Ltd and Canara Bank signifies a critical milestone in India’s renewable energy journey. By providing affordable and accessible financing for rooftop solar systems, this initiative not only supports households in reducing their energy costs but also contributes significantly to the nation’s sustainability and clean energy objectives.

About Tata Power Renewable Energy Ltd (TPREL)

Tata Power Renewable Energy Ltd (TPREL) is a wholly-owned subsidiary of Tata Power, one of India’s largest and most respected integrated power companies. Established with a vision to harness clean and sustainable energy sources, TPREL is at the forefront of India's renewable energy transition.

Key Highlights of Tata Power Renewable Energy Ltd (TPREL)

1. Established Leadership:
   TPREL is one of the largest renewable energy players in India, with a diverse portfolio spanning solar and wind power projects.

2. Impressive Renewable Energy Capacity:

   • Total Capacity: 10.9 GW (includes both operational and under-development projects).

   • Operational Capacity: 5.4 GW, comprising:

     • 4.4 GW of solar energy

     • 1 GW of wind energy

3. National Reach:
   TPREL has projects spread across India, contributing to the nation’s goal of achieving 500 GW of renewable energy capacity by 2030.

4. Commitment to Innovation:
   TPREL actively adopts cutting-edge technologies and innovative solutions to optimize energy generation, reduce costs, and ensure sustainability.

5. Sustainability Goals:
   As part of the Tata Group, the company aligns its initiatives with the group’s commitment to sustainable development, focusing on reducing carbon emissions and promoting green energy.

Milestones and Achievements of TPREL

• TPREL has successfully executed numerous large-scale renewable energy projects, including utility-scale solar farms, rooftop solar systems, and wind energy farms.

• It has won multiple awards for its contributions to renewable energy, environmental conservation, and operational excellence.

 Future Plans of TPREL 

• Expansion: TPREL plans to further expand its capacity with projects in advanced stages of development.

• Innovation: Investing in hybrid renewable energy solutions and battery storage systems to ensure uninterrupted energy supply.

• Collaborations: Partnerships with financial institutions, government bodies, and private players to make renewable energy more accessible and affordable for industries and households.

Contribution to India’s Energy Goals

TPREL plays a critical role in supporting India’s energy transition, aiming to reduce the nation’s dependence on fossil fuels while enhancing energy security. Through its innovative projects and customer-centric solutions, it empowers businesses, households, and communities to adopt cleaner energy practices.

Motto of TPREL: Powering a Sustainable Future.