SBI establishes the Surya Shakti Cell and collaborates with Tata to finance solar projects.
State Bank of India (SBI) has launched a dedicated centralised processing cell - Surya Shakti Cell - in conjunction with Tata Power Solar Systems in order to finance solar power projects.
The Surya Shakti Cell will process all financing applications for Solar Projects sourced from around India, for installation by both commercial and residential enterprises.
The Surya Shakti Cell will process all financing applications for Solar Projects (capacity up to 1 MW) sourced from across India, for installation by both commercial and residential entities.
The bank's goal is to give loan applicants with an end-to-end platform for a digitised and hassle-free process when funding solar projects. According to a business announcement, SBI's digital initiative would provide a complete solution at reasonable prices for solar projects.
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Furthermore, the entire eco system has been deliberately designed to guarantee that clients receive all essential help and guidance to buy the proper equipment, fix technical issues at their doorsteps, and receive expedited approvals of their loans at low rates, it adds.
"We are thrilled to launch the Surya Shakti Cell with the goal of providing a new direction to solar project financing in India," stated Dinesh Khara, Chairman of SBI. We are delighted to collaborate with Tata Power Solar Systems Ltd. on this effort, which aligns with the global goals of the COP26 Agreement to reduce carbon footprint."
"We believe that by utilising sustainable solar power, we will be able to address the current difficulties associated with the usage of conventional energy as well as climate change." Initiatives like this will also aid in the development of local economies and allow the country to progress toward a more secure energy future. "At SBI, we are ardent supporters of renewable energy and are committed to lowering the country's carbon impact," he stated.
Meanwhile, Tata Power CEO and MD Praveer Sinha stated, "We are thrilled to join with SBI in its Surya Shakti Cell initiative, which demonstrates our commitment to making sustainable energy products and services more affordable and accessible to our customers." This groundbreaking collaboration will help us achieve our #DoGreen vision by encouraging our consumers to embrace solar energy solutions and join us in co-creating a cleaner future."
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