With an aim to strengthen the existing financing arrangement for solar power projects, the country’s largest lender State Bank of India (SBI) has launched a dedicated centralised processing cell – ‘Surya Shakti Cell’. The bank has entered into an agreement with Tata Power Solar Systems (a Tata Power company) for financing solar projects. Set up in 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.
The bank 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 eco system 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.
Khara said, “This partnership 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.”
Dr Sinha said, “This first of its kind association will aid us in our #DoGreen mission by encouraging our customers to embrace solar energy solutions and join us in co-creating a greener future.”
