State Bank of India (SBI) has launched a dedicated centralized processing cell named ‘Surya Shakti Cell’ with the objective of strengthening the existing financing arrangement for solar power projects. SBI has collaborated with Tata Power Solar Systems Ltd. (a Tata Power Company) for financing solar power projects.
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The cell has been set up in the Ballard Estate in Mumbai. The Surya Shakti Cell will process all the loan applications for Solar Projects from across India by Tata Power Solar Systems Ltd., with a maximum capacity of up to 1 MW. Loan applicants will include both business entities as well as households. The bank aims to provide an end-to-end platform for digital and hassle-free journeys to loan applicants for financing solar projects. With this digital initiative, SBI will offer a complete solution at competitive rates for solar projects.
Important takeaways for all competitive exams:
- Tata Power Solar Systems Ltd. Headquarters: Mumbai;
- Tata Power Solar Systems Ltd. Founded: 1989.
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