Tata Power, IndusInd Bank to offer solar financing for MSEs

Loans will range from INR10 lakhs to INR2 crores.

Tata Power Renewable Energy Limited (TPREL) and IndusInd Bank have teamed up to provide solar financing for Micro and Small Enterprises (MSEs), fueling efforts to promote solar energy adoption amongst small businesses.

According to IndusInd Bank, MSEs will be able to access collateral-free solar financing ranging from INR10 lakhs to INR2 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 seven years.

“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,” said Deepesh Nanda, CEO & managing director of TPREL.

“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,” said Sanjeev Anand, head - Corporate, Commercial and Rural Banking at IndusInd Bank.

So far, TPREL has facilitated over INR4200 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.