Tata Power, Union Bank Team Up To Boost Rooftop Solar Adoption

Tata Power Solar Systems Limited (TPSSL) and Union Bank of India (UBI) have announced the renewal of their partnership, aimed at encouraging the adoption of rooftop solar among residential consumers. The announcement was made in a press release dated March 5, 2024.

What Happened: The press release reveals that the renewed partnership intends to provide easy financing options to residential customers, in line with the Government’s PM Surya Ghar Muft Bijli Yojana. The scheme also extends to commercial and industrial customers. The loan limits have been increased to ₹15 lakh for residential and ₹16 crore for commercial and industrial customers, with financing up to 80% and 85% for the respective categories. The loan tenure has also been extended up to 10 years.

See Also: Global Brokerage Turns Sour On Big 4 IT Firms Sends Shares Spiralling

This new three-year agreement includes both residential and commercial and industrial segments, unlike the previous one which focused solely on the commercial and industrial segments. The earlier agreement led to the financing of approximately ₹165 crore for the commercial and industrial segment.

Earlier in February, BluSmart, entered into a multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Limited (TPTCL), a wholly-owned subsidiary of Tata Power. The agreement’s primary objective was to source green power, with TPTCL sourcing a 30 MW capacity from Tata Power's 200 MW Solar PV power plant located in Bikaner district, Rajasthan. This move, along with the renewed partnership with UBI, underscores Tata Power’s commitment to promoting renewable energy in India.

Read Next: Midcap Stock Sunks 20% At Open After Regulatory Action