SBI, Tata Power launch ‘Surya Shakti Cell’ for financing solar projects

India’s largest lender State Bank of India (SBI) has launched a dedicated centralised processing cell - ‘Surya Shakti Cell’ after entering into an agreement with Tata Power Solar Systems Ltd (a Tata Power Company). SBI, with the launch of this centralised processing cell, aims to strengthen the existing financing arrangement for solar power projects.

Dinesh Khara, Chairman, SBI, while inaugurating the Surya Shakti Cell, said, “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.”

The Surya Shakti Cell, which is set up in the Mumbai’s Ballard Estate, will process all the loan applications for Solar Projects (capacity up to 1 MW) from across the country, for business entities as well as household installation.

“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.” Khara further added.

Praveer Sinha, CEO & MD, Tata Power 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."

SBI aims to offer an end-to-end platform for digital and hassle-free loan applicants for financing Solar projects. The bank, with this digital initiative, plans to provide a complete solution at competitive rates for Solar projects.