State Bank of India partners with Tata Power to finance solar projects

State Bank of India (SBI) has launched a dedicated centralized processing cell called Surya Shakti Cell and has signed an agreement with Tata Power Solar Systems for financing solar projects.

Established in Mumbai, the Surya Shakti Cell will be processing all the loan applications for solar power projects with a capacity up to 1MW sourced from across India, installed for both commercial and residential purposes.

Dr. Praveer Sinha — CEO and MD of Tata Power said: “We are pleased to partner with SBI in its Surya Shakti Cell initiative which is a testament to our commitment to making sustainable energy products and services more affordable and accessible to our customers.

“This first of its kind association will aid us in our #DoGreen mission by encouraging our customers to embrace solar energy solutions and join us in co-creating a greener future.”

State Bank of India partners with Tata Power to finance solar projects. Photo courtesy of Tata Power.

State Bank of India will look to offer an end-to-end platform for digital and seamless journey to the loan applicants for financing the solar projects. With the digital initiative, the bank is expected to offer a comprehensive solution at competitive rates for solar power projects.

Dinesh Khara — Chairman of State Bank of India said: “We are delighted to launch the Surya Shakti Cell with an objective to provide a new direction to solar projects financing in India. We are very happy to partner with Tata Power Solar Systems Ltd. in this initiative, which is in line with the global objectives of the COP26 Agreement in reducing the carbon footprint.

“We believe, with sustainable solar power, we can solve the prevailing challenges related to use of conventional energy as well as climate change. Initiatives like these will also help build local economies and enable the country to move towards a secure energy future.”