CALCULATE YOUR SIP RETURNS

Tata Power Renewable Energy Partners with Canara Bank to Boost PM Surya Ghar Scheme

Updated on: Dec 20, 2024, 3:16 PM IST
Tata Power partners with Canara Bank to offer affordable financing for rooftop solar systems under the PM Surya Ghar Scheme, aiming to promote clean energy adoption.
Tata Power Renewable Energy Partners with Canara Bank to Boost PM Surya Ghar Scheme
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

Tata Power Renewable Energy Limited (TPREL), a subsidiary company of Tata Power, has partnered with Canara Bank to encourage the use of rooftop solar systems under the PM Surya Ghar Scheme. This collaboration aims to make solar energy solutions more accessible and affordable for households by offering attractive financing options.

Financing Options for Rooftop Solar Installations

The PM Surya Ghar Scheme offers financial assistance to households looking to install rooftop solar systems:

  • For systems up to 3 kW: Loans up to ₹2 lakh with 10% margin money, collateral-free financing, a 7% annual interest rate, and a loan tenure of up to 10 years.
  • For systems between 3 kW and 10 kW: Loans up to ₹6 lakh with 20% margin money, collateral-free financing, a 10% annual interest rate, and a loan tenure of up to 10 years.

These options provide flexibility and support for households in transitioning to clean energy.

TPREL’s Expertise in Renewable Energy

With over 34 years of experience in the EPC sector, TPREL offers operational and maintenance services across more than 275 cities. The company is known for its indigenous solar cells and modules, supported by a vast network of channel partners.

TPREL’s total renewable energy capacity is 10.9 GW, including solar and wind power, with 5.5 GW of projects in progress.

Tata Power’s Commitment to Clean Energy

Tata Power, part of the Tata Group, has a diversified power portfolio of 15.5 GW, including 6.7 GW of clean energy. The company aims to achieve carbon neutrality by 2045 and serves around 12.5 million customers across India.

Mr Deepesh Nanda, CEO & Managing Director of TPREL, said, “This initiative aligns perfectly with Tata Power Renewable Energy Limited’s mission to drive the widespread adoption of solar energy in India. Our partnership with Canara Bank marks a significant step in accelerating the nationwide adoption of rooftop solar systems. By offering affordable financing options under the PM Surya Ghar Scheme, we aim to make clean energy solutions accessible to every household, fostering a sustainable energy ecosystem and advancing India’s renewable energy objectives”. 

About Tata Power Company Ltd

Tata Power mainly focus on generating, transmitting, and distributing electricity. The company aims to produce all its electricity from renewable sources. It also manufactures solar roofs and plans to set up 1 lakh electric vehicle (EV) charging stations by 2025. Tata Power is the largest vertically integrated power company in India.

Tata Power share price is currently trading at ₹411.10, down by ₹1.50 (0.36%) as of 10:36 AM on December 20. The stock opened at ₹408.95, reached a high of ₹412.60, and a low of ₹408.20.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

 

Published on: Dec 20, 2024, 10:49 AM IST

We're Live on WhatsApp! Join our channel for market insights & updates

Open Free Demat Account!

Join our 2.5 Cr+ happy customers

+91
Enjoy Zero Brokerage on Equity Delivery
4.4 Cr+DOWNLOADS
Enjoy ₹0 Account Opening Charges

Get the link to download the App

Get it on Google PlayDownload on the App Store
Open Free Demat Account!
Join our 2.5 Cr+ happy customers