Tata Power Solar Systems, ICICI Bank Tie Up To Finance Solar Units

Tata Power Solar Systems Ltd. has signed an agreement with ICICI Bank Ltd. to provide financing for solar units to residential and corporate customers.

As part of the agreement, the customers can avail themselves of loans up to Rs 90 lakh with collateral-free options and tenure extending up to five years.

They can also get higher loans with collaterals with tenures of up to 20 years, said Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power Renewable Energy Ltd.

"TPSSL announces its strategic collaboration with ICICI Bank to provide loans to finance the purchase of solar panels/ units for residential and corporate customers," the company said in a statement.

The customers can avail themselves of flexible down-payment option at 20-25% of the loan amount, making it easier for them to invest in solar energy, it said.

Tata Power Renewable Energy, an arm of Tata Power, is a developer of renewable energy projects.