India’s largest lender State Bank of India (SBI) has launched a dedicated centralized processing cell called ‘Surya Shakti Cell’ with an aim to strengthen the existing financing arrangement for solar power projects. The Bank has entered into an agreement with Tata Power Solar Systems Ltd (a Tata Power Company) for financing solar projects. Set up in Mumbai, the Surya Shakti Cell will process all the loan applications for solar projects (of capacity up to 1 MW) sourced by Tata Power Solar Systems from across India, for installation by business entities as well as households.
The Surya Shakti Cell was inaugurated by Dinesh Khara, chairman, SBI, in the presence of Praveer Sinha, CEO and MD, Tata Power Company Ltd.
The Bank aims to provide an end-to-end platform for digital and hassle-free journey to the loan applicants for financing solar projects. With this digital initiative, SBI will offer a complete solution at competitive rates for solar projects.
Besides this, the entire system has been thoughtfully set up to ensure that the customers get all necessary support and guidance to choose the right equipment, resolve technical issues at their door steps and get expeditious approvals of their loans at competitive rates.
Dinesh Khara, Chairman, SBI, said, “We are delighted to launch the Surya Shakti Cell with an objective to provide a new direction to solar projects financing in India. We are very happy to partner with Tata Power Solar Systems Ltd. in this initiative, which is in line with the global objectives of the COP26 Agreement in reducing the carbon footprint. We believe, with sustainable solar power, we can solve the prevailing challenges related to use of conventional energy as well as climate change. Initiatives like these will also help build local economies and enable the country to move towards a secure energy future. We, at SBI, are strong proponents of renewable energy and are committed towards reducing carbon footprint in the country.”
Praveer Sinha, CEO and MD, Tata Power, said, “We are pleased to partner with SBI in its Surya Shakti Cell initiative which is a testament to our commitment to making sustainable energy products and services more affordable and accessible to our customers. This first of its kind association will aid us in our #DoGreen mission by encouraging our customers to embrace solar energy solutions and join us in co-creating a greener future.”
Tata Power is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,071 MW. The Company has a presence across the entire power value chain, spanning generation of renewable as well as conventional power including hydro and thermal energy, transmission and distribution, coal and freight, logistics, and trading. It is a leader in clean energy generation with 4.2 GW produced from solar, wind, hydro, and waste heat recovery.
With a focus on sustainable and clean energy development, Tata Power is steering the transformation as an integrated solutions providers by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation and smart meters.
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