The Partnership is to empower MSEs with Solar Energy Financing solutions
FinTech BizNews Service
Mumbai, October 29, 2024: IndusInd Bank has announced a strategic partnership with Tata Power Renewable Energy Limited (TPREL), one of India's leading renewable energy companies and a subsidiary of Tata Power, to facilitate accessible and affordable solar financing for Micro and Small Enterprises (MSEs), thereby promoting widespread solar energy adoption amongst MSEs. This alliance will provide MSEs with collateral-free solar financing, by offering loans ranging from Rs10 lakhs to Rs2 crores.
These loans, contingent on the bank's credit approval, require a 20% margin and come with competitive interest rates, offering terms of up to 7 years. Mr. Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited said, "Tata Power Renewables has been leading the green energy transition, and is committed to accelerating path to India's Net-Zero by 2070. This commitment extends to empowering MSEs, which are the backbone of India's economy, with accessible and affordable solar energy solutions. Through our partnership with IndusInd Bank, we are facilitating easy financing opportunities for MSEs to adopt solar energy, which will not only help them reduce operational costs but also actively contribute to the green energy transition."
Mr. Sanjeev Anand, Head - Corporate, Commercial and Rural Banking, IndusInd Bank, said “We recognize that our impact extends well beyond financial services, and our partnership with Tata Power Renewable Energy Limited underscores our commitment towards integrating Environmental, Social, and Governance (ESG) factors into our business and operations. This collaboration reflects our endeavour to support MSEs through sustainable finance practices. By offering loans ranging from Rs10 lakhs to Rs2 crores with flexible terms and competitive rates, we aim to facilitate investments in solar energy. This initiative aligns with our broader vision of environmental responsibility and supports India’s sustainability goals, including the net-zero target by 2070.”
IndusInd Bank has been rampant in sustainability financing, especially with the projects in solar energy financing, including the launch of Indus Solar rooftop loans. This collaboration with Tata Power will accentuate the focus on providing customized financial solutions for rooftop solar installations. The bank enables businesses to optimize costs, enhance efficiency, and showcase their commitment to a sustainable future.
Tata Power Renewable Energy Limited (TPREL) has already facilitated more than ₹4200+ crore financing for solar rooftop installation through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs, to boost solar adoption in India.
