Tata Power, ICICI Bank Partner for Solar Financing

New Delhi, Aug 23 (PTI) Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank 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 5 years.

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

"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 per cent of the loan amount, making it easier for them to invest in solar energy, it said.

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