Tata Power Solar Systems has entered into a strategic alliance with ICICI Bank. The partnership aims to provide easy financing options for customers intending to purchase solar panels.

What Happened: Tata Power Solar Systems a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced its collaboration with ICICI Bank on Friday. The partnership is designed to increase the accessibility and affordability of sustainable energy solutions, thereby promoting wider adoption of solar energy.

ICICI Bank will offer customised financial solutions with attractive interest rates for the purchase of solar panels from Tata Power Solar. Customers can avail of loans up to ₹90 lakh with collateral-free options and tenure extending up to 5 years.

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This collaboration is the latest in a series of strategic partnerships forged by the company to promote the adoption of renewable energy in India. In July 2024, TPSSL teamed up with the Bank of India to provide financing solutions for rooftop solar installations and electric vehicle charging stations.

Around the same time, Tata Power’s subsidiary, TP Renewable Microgrid, partnered with the National Dairy Development Board to introduce renewable energy technologies within the dairy value chain.

Earlier in the year, Tata Power Renewable Energy and NHPC Renewable Energy entered into a Memorandum of Understanding (MoU) to implement rooftop solar projects across government buildings in India under the PM Surya Ghar Yojna Scheme.

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