With an aim to strengthen the existing financing arrangement for solar power projects, State Bank of India (SBI) has launched a dedicated centralized processing cell “Surya Shakti Cell,” in partnership with Tata Power Solar Systems Ltd (a Tata Power company).
Set-up in the Ballard Estate in Mumbai, the Surya Shakti Cell will process all the loan applications for Solar Projects (capacity up to 1 MW) sourced 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 Dr. Praveer Sinha, CEO & MD, Tata Power Company Ltd. (See photograph)
End-to-end platform
SBI 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 ecosystem 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.
Also read: Tata Power Commissions Two Solar Projects In Uttar Pradesh
A new direction
According to Dinesh Khara, Chairman, SBI, “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.”
