Latest News | SBI, Tata Power Tie Up for Financing Solar Projects

Mumbai, Jan 31 (PTI) State Bank of India (SBI) on Monday said it has entered into an agreement with Tata Power Solar Systems for financing of solar projects.

The lender has also set up a dedicated centralized processing cell - 'Surya Shakti Cell', at the Ballard Estate in Mumbai, a press release said.

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The cell will process all the loan applications for solar projects (capacity up to 1 MW) sourced from across the country, for installation by business entities as well as households.

“We are delighted to launch 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 in this initiative, which is in line with the global objectives of the COP26 Agreement in reducing the carbon footprint,” SBI Chairman Dinesh Khara said.

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The bank aims to provide an end-to-end platform for digital and hassle-free journey to the loan applicants for financing solar projects, the release said.

With this digital initiative, SBI will offer a complete solution at competitive rates for solar projects, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)