SBI and Tata Power join forces to finance solar power projects

A dedicated centralized processing cell in Mumbai will handle all loan applications for solar projects up to 1 MW from businesses and households across the country.

SBI announced on Monday it has entered into an agreement with Tata Power Solar Systems to finance solar projects. An official press release said the lender has set up a dedicated centralized processing cell in Mumbai called the ‘Surya Shakti Cell’.

Solar loan applications (up to 1 MW) sourced from across the country and installed by both business entities and households will be processed at the cell.

While expressing his delight on the launch of Surya Shakti Cell, SBI Chairman Dinesh Khara said, “It will provide a new direction to solar financing in India. We are delighted to collaborate with Tata Power Solar Systems on this initiative that meets the global goals of the COP26 Agreement in reducing the carbon footprint.”

According to the press release, the bank will provide an end-to-end platform to facilitate a hassle-free journey for loan applicants interested in financing solar projects.

According to SBI official release, the digital initiative will provide a complete solution for solar projects at competitive rates.

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