NEW DELHI New Delhi: Tata Power Renewable Energy Ltd has partnered with IndusInd Bank to provide financing options to micro and small enterprises (MSEs) for solar power plants. Tata Power Renewable Energy said in a statement on Tuesday. The alliance will provide collateral-free solar financing to MSEs by providing loans ranging from Rs 10 lakh to Rs 2 crore.
The company said these loans are subject to the bank's loan approval, require 20 per cent margin and come with competitive interest rates, with a tenure of up to 7 years. Deepesh, CEO and MD, Tata Power Renewable Energy Nanda said, “Through the partnership with IndusInd Bank, we are providing easy financing opportunities to MSEs (Micro and Small Enterprises) to adopt solar energy, which will not only help them reduce operating costs but also They will also actively contribute to the green energy transition.”
Various public and private sector lenders have tied up with solar players to provide financing options for commercial and residential solar projects. Last week, Solex Energy on Saturday partnered with State Bank of India (SBI), under which commercial Solar financing options up to Rs 10 crore will be provided to industrial and institutional customers. Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, is a developer of renewable energy projects including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar and storage systems.
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