- Established partnerships with over 20 prominent financial institutions, offering financing for up to 85% of the eligible order book.
- To date, more than 2,200 commercial and industrial (C&I) customers have benefited from personalized financing solutions.
In a significant development for the solar energy sector in India, Tata Power Solar Systems Limited (TPSSL), an integral part of Tata Power Renewable Energy Limited (TPREL) and a subsidiary of Tata Power, has played a pivotal role in advancing the country’s transition to green energy. Over the past 4.5 years, TPSSL has been instrumental in securing customer financing exceeding ₹3,500 crore for solar projects, positioning Tata Power as the premier choice for solar energy in India. This achievement underscores the company’s commitment to facilitating the widespread adoption of solar energy across the nation.
The company’s success in this arena is attributed to its collaborations with over 20 financing partners, including Public Sector Undertakings (PSUs), private banks, and Non-Banking Financial Companies (NBFCs). Notable partners in this extensive network include the State Bank of India (SBI), HDFC, Bank of Baroda, Tata Capital, and Paytm. These partnerships have been crucial in developing financing models that cater to a broad spectrum of customers, ranging from residential homes and societies to commercial and industrial entities, including MSMEs, large corporations, hospitals, and educational institutions. The company has facilitated financial solutions for more than 2,200 commercial and industrial clients, with projects valued at approximately ₹3,400 crore. This encompasses financing for 850 MW of solar power installations for non-residential customers and about 9 MW for residential ones. Additionally, TPSSL has extended residential loans to over 1,000 customers, supporting projects worth around ₹55 crore.
Its financing models, covering over 85% of its addressable order book, aim to empower businesses and individuals to adopt sustainable energy solutions with minimal initial investment and attractive long-term returns. These initiatives have had a significant impact across India, particularly in states like Maharashtra, Gujarat, Punjab, Karnataka, and Rajasthan, which lead in availing these financing solutions. The company has streamlined the loan application and sanctioning process with its partners, achieving an impressive average sanction turnaround time of just four working days. This efficiency contributed to Tata Power being recognized as the ‘Most Prominent Player’ in Customer Financing by the Institute for Energy Economics and Financial Analysis (IEEFA) and J&K Research Analytics in September 2023, highlighting its exceptional contributions to the sector.