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Updated February 2nd, 2024 at 13:12 IST

Tata Power Solar facilitates over Rs 3,500 crore in customer financing

Company has facilitated financial solutions for over 2,200 commercial & industrial customers, representing projects valued at approximately Rs 3,400 crore.

Business Desk
Tata Power Renewable Energy Boosts Portfolio with 1.4 GW in Group Captive Projects in the Last 6 Months
Tata Power | Image:Freepik
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Tata Power Solar Systems Limited (TPSSL), a leading integrated solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has successfully facilitated over Rs 3,500 crore of customer financing for solar projects over the last 4.5 years.

This accomplishment positions The Tata Power Company Limited (Tata Power) as the nation's most preferred and trusted green energy partner, playing a pivotal role in mainstreaming the adoption of Solar Energy in India.

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TPSSL achieved this milestone through strategic collaborations with more than 20 active financing partners, including Public Sector Undertakings (PSUs), Private Banks, and Non-Banking Financial Companies (NBFCs). Notable partners in the extensive network include State Bank of India (SBI), Small Industries Development Bank of India (SIDBI), Union Bank of India (UBI), HDFC, Bank of Baroda, Tata Capital, Greenlance Energy, Ecofy, Credit Fair, and Paytm.

The financing models designed by TPSSL cater to diverse customer profiles, encompassing Residential, including individual houses and housing societies, and Commercial & Industrial clients such as MSMEs, Mid and Large-sized Corporates, Hospitals, and Institutions.

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The company has successfully facilitated financial solutions for over 2,200 Commercial & Industrial customers, representing projects valued at approximately Rs 3,400 crore. The financed solar power quantum includes 850 MW for non-residential and about 9 MW for residential customers. Additionally, TPSSL has facilitated residential loans for over 1,000 customers, contributing to projects valued at around Rs 55 crore.

TPSSL's innovative financial models support over 85% of the addressable order book and aim to empower enterprises and individuals to embrace sustainable practices with minimal initial capital outlay and substantial long-term returns. The financing initiatives have made a significant impact nationwide, with Maharashtra, Gujarat, Punjab, Karnataka, and Rajasthan emerging as the top five states actively availing the solutions.

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The company has streamlined the loan application and sanctioning process, achieving the fastest average Sanction Turnaround Time (TAT) in the industry, clocking in at just four working days.

In recognition of its outstanding contributions, Tata Power was awarded the 'Most Prominent Player' in Customer Financing by IEEFA & J&K Research Analytics in September 2023.

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Tata Power Renewable Energy Limited continues to lead in the renewable energy landscape with a solar rooftop portfolio of 1.8GW, offering comprehensive solutions across various sectors. With 34 years of experience and the trust of the Tata brand, the company excels in operational and maintenance services across 275+ cities, showcasing technological prowess with indigenous cells and modules.

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Published February 2nd, 2024 at 13:12 IST

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