Tata Power Solar Systems and ICICI Bank join forces to finance solar installations

Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to provide financing for solar units to individual and corporate customers. Under the agreement, customers can avail loans up to Rs 90 lakh with collateral-free options and a tenure of up to 5 years.

They can also get higher secured loans for up to 20 years, said TPSSL, a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL).

“TPSSL announces strategic partnership with ICICI Bank to provide loans to finance purchase of solar panels/equipment to individual and corporate customers,” the company said in a statement.

Customers can avail a flexible down payment option of 20-25 per cent of the loan amount, making it easier for them to invest in solar energy, the statement said.

TPREL, a subsidiary of Tata Power, is engaged in the development of renewable energy projects.