Tata Power Renewable Energy Limited, part of the Tata Group, has launched a significant partnership with IndusInd Bank to support micro and small enterprises (MSEs) in India. This collaboration aims to provide financial assistance for solar installations, enabling businesses to harness solar energy and reduce electricity costs.
Loan Details
MSEs can access loans ranging from Rs 10 lakh to Rs 2 crore, aimed at facilitating the transition to solar energy. IndusInd Bank’s lending policy applies, requiring a 20% margin. Competitive interest rates and a loan tenure of up to seven years provide flexibility for repayment.
CEO Insights
Deepesh Nanda, CEO of Tata Power Renewable Energy, emphasized the partnership’s role in aiding MSEs to lower operational costs while promoting environmental responsibility. Tata Power is committed to advancing renewable energy projects, including solar and wind initiatives.
Market Trends
The move follows a broader trend where banks are collaborating with solar firms to extend financial aid for solar energy solutions. Recently, Solex Energy partnered with the State Bank of India to offer solar funding up to Rs 10 crore for the commercial sector.
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Summary at glance
Tata Power Renewable Energy Limited has partnered with IndusInd Bank to provide financial support to micro and small enterprises (MSEs) for solar installations. This initiative offers loans between Rs 10 lakh and Rs 2 crore, helping MSEs reduce electricity costs while promoting solar energy adoption. The loans come with competitive interest rates, a maximum tenure of seven years, and a 20% margin requirement. CEO Deepesh Nanda emphasized the environmental benefits of this partnership.
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