365Telugu.com online news,Mumbai, October 30, 2024: IndusInd Bank has formed a strategic partnership with Tata Power Renewable Energy Limited (TPREL), a leading renewable energy subsidiary of Tata Power, to enable accessible solar financing options for Micro and Small Enterprises (MSEs) in India. This collaboration aims to boost solar energy adoption among MSEs, providing them with affordable, collateral-free financing.
Through this partnership, MSEs can access loans ranging from ₹10 lakhs to ₹2 crores, subject to credit approval from the bank. These loans require a 20% margin and are offered with competitive interest rates, featuring repayment terms of up to seven years.
Mr. Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, commented on the partnership: “Tata Power Renewables has been at the forefront of India’s green energy transition, with a commitment to achieving the Net-Zero goal by 2070. This partnership empowers MSEs, the backbone of the Indian economy, by providing accessible solar energy solutions. Our collaboration with IndusInd Bank makes financing for solar energy adoption easier for MSEs, allowing them to reduce operational costs while contributing to the green energy shift.”
Mr. Sanjeev Anand, Head of Corporate, Commercial, and Rural Banking at IndusInd Bank, added: “Our partnership with Tata Power Renewable Energy Limited reflects our dedication to sustainable financing, integrating Environmental, Social, and Governance (ESG) principles into our operations. With loans ranging from ₹10 lakhs to ₹2 crores, flexible terms, and competitive rates, we aim to support MSEs in investing in solar energy. This aligns with India’s broader sustainability objectives, including the goal of achieving net-zero emissions by 2070.”
IndusInd Bank has been actively expanding its sustainability financing portfolio, particularly with solar energy projects like the Indus Solar rooftop loans. This new collaboration with Tata Power Renewable Energy Limited enhances the bank’s focus on providing tailored financing solutions for solar installations, helping businesses lower costs, improve efficiency, and strengthen their commitment to sustainability.
With over ₹4200 crore already facilitated for solar rooftop financing, Tata Power Renewable Energy Limited (TPREL) has joined forces with more than 20 financing partners, including public sector banks, private banks, and NBFCs, to further drive solar adoption across India.