Tata Power Solar facilitates ₹ 3,500 crore of customer financing to boost solar adoption in India.Tata Power Solar Systems Limited (TPSSL), a leading integrated solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has facilitated over ₹ 3,500 crore of customer financing for solar projects during the last 4.5 years. This has led The Tata Power Company Limited (Tata Power) to emerge as the nation’s most preferred and trusted green energy partner which is mainstreaming the adoption of Solar Energy in the country. This momentum built over the years will help support the wide scaled adoption of solar energy in the country.
TPSSL has achieved this feat through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs. The extensive network consists of State Bank of India (SBI), Small Industries Development Bank of India (SIDBI), Union Bank of India (UBI), HDFC, Bank of Baroda, Tata Capital, Greenlance Energy, Ecofy, Credit Fair, and Paytm as the primary lending partners.
TPSSL has designed financing models to cater to diverse customer profiles, accommodating both Residential comprising individual houses and housing societies and Commercial & Industrial clients including MSMEs, Mid and Large sized Corporates, Hospitals, Institutions etc.
TPSSL has successfully facilitated financial solutions to over 2,200 Commercial & Industrial customers. These projects are valued at approximately ₹ 3,400 crore.
The quantum of solar power financed includes 850 MW for non-residential and about 9 MW for residential customers. Further, TPSSL has facilitated residential loans to over 1,000 customers, contributing to projects valued at around ₹ 55 crore.
These innovative financial models facilitated by the company support over 85% of the addressable order book and are designed with the objective to empower enterprises and individuals to embrace sustainable practices through minimal initial capital outlay and substantial long-term returns. TPSSL’s financing initiatives have made a significant impact pan India. Notably, Maharashtra, Gujarat, Punjab, Karnataka, and Rajasthan stand out as the top 5 states actively availing the financing solutions.
TPSSL has also simplified the loan application and sanctioning process with all its key partners helping it achieve a remarkable milestone with the fastest average Sanction Turnaround Time (TAT), clocking in at just four working days.
Tata Power was awarded the ‘Most Prominent Player’ in Customer Financing by IEEFA & J&K Research Analytics in September 2023 for its outstanding contributions in this domain.
Tata Power Renewable Energy Limited stands at the forefront of the renewable energy landscape. With solar rooftop portfolio of 1.8GW, the Company is making significant strides across various states and cities. The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captive, and other customized offerings, showcasing a commitment to diverse energy needs. Leveraging 34 years of experience and the trust of Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological prowess with its indigenous cells and modules. With its strong commitment to customer satisfaction and the extensive network of channel partners further solidifying its position as a trusted leader in the renewable energy sector.