Tata Power Solar Systems pioneers over Rs 3,500cr solar financing in India

Tata Power Solar Systems Limited (TPSSL), a prominent name in the Indian solar industry and a fully owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has made significant strides in facilitating customer financing for solar projects, amounting to over ₹3,500 crore in the last 4.5 years. This remarkable achievement positions The Tata Power Company Limited (Tata Power) as India’s preferred and trusted green energy partner, catalyzing the mainstream adoption of solar energy across the nation.

TPSSL’s success in mobilizing financial support for solar energy projects is pivotal for the wide-scale adoption of solar energy in India. Through strategic partnerships with over 20 financing entities, including Public Sector Undertakings (PSUs), private banks, and Non-Banking Financial Companies (NBFCs), TPSSL has broadened the accessibility of solar energy. Key financing partners include the 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, showcasing a diverse network that caters to a wide range of customer needs.

The financing solutions engineered by TPSSL cater to a variety of customer segments, from residential households and housing societies to commercial and industrial clients such as MSMEs, large corporates, hospitals, and educational institutions. Over 2,200 commercial and industrial customers have benefited from these financial solutions, with projects valued at approximately ₹3,400 crore. The financed solar power projects account for 850 MW for non-residential and about 9 MW for residential customers, underlining the substantial impact of TPSSL’s initiatives.

TPSSL’s innovative financial models aim to empower businesses and individuals to adopt sustainable energy solutions with minimal initial investments and significant long-term benefits. These models have successfully addressed over 85% of the addressable order book, with top states like Maharashtra, Gujarat, Punjab, Karnataka, and Rajasthan leading in availing these financing solutions. Furthermore, TPSSL has streamlined the loan application and sanctioning process, achieving an industry-leading average sanction turnaround time of just four working days.

Tata Power’s leadership in customer financing was acknowledged when it was awarded the ‘Most Prominent Player’ in Customer Financing by the Institute for Energy Economics and Financial Analysis (IEEFA) & J&K Research Analytics in September 2023. With a rooftop solar portfolio of 1.8GW, Tata Power Renewable Energy Limited demonstrates its commitment to meeting diverse energy needs, from residential to large enterprise solutions, across 275+ cities in India. Leveraging 34 years of experience and the trust of the Tata brand, the company continues to excel in operational and maintenance services, underlining its technological prowess and commitment to customer satisfaction.