State Bank of India (SBI) on Monday said it has entered into an agreement with Tata Power Solar Systems for financing of solar projects. The lender has also set up a dedicated centralized processing cell – ‘Surya Shakti Cell’, at the Ballard Estate in Mumbai, a press release said.
The cell will process all the loan applications for solar projects (capacity up to 1 MW) sourced from across the country, for installation by business entities as well as households.
“We are delighted to launch 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 in this initiative, which is in line with the global objectives of the COP26 Agreement in reducing the carbon footprint,” SBI Chairman Dinesh Khara said.
The bank aims to provide an end-to-end platform for digital and hassle-free journey to the loan applicants for financing solar projects, the release said.
With this digital initiative, SBI will offer a complete solution at competitive rates for solar projects, it said.