CHENNAI: Tata Power Solar Systems Limited (TPSSL) has expanded tie-ups to finance unsecured loans for residential solar projects along with commercial and industrial projects. TPSSL has extended the loan limits of up to `15 lakh for residential and `16 crore for commercial and industrial customers, the company said in exchange filings on Tuesday.
It provides 80% of residential and 85% of the commercial categories in partnership with Union Bank of India (UBI). Both the categories will have access to collateral-free financing options and the loan tenure has also been extended up to 10 years. This will help households and businesses access solar energy and give ample time for repayment. This renewed three-year agreement includes both residential and C&I segments as against the earlier one which focused only on C&I.
Deepesh Nanda, CEO and Managing Director of Tata Power Renewable Energy Limited said, “We believe that the access to easy financing will mainstream the roof-top solar adoption among the residential segment in the country and replicate the success of the C&I segment as witnessed in our first phase of association.”