The State Bank of India (SBI) announced on Monday that it has reached an arrangement with Tata Power Solar Systems to fund solar projects. According to a news release, the lender has also established a specialized centralized processing cell called the ‘Surya Shakti Cell’ at the Ballard Estate in Mumbai. All loan applications for solar projects (capacity up to 1 MW) supplied from around the country will be processed by the cell, which will be installed by both businesses and families.
“Surya Shakti Cell is excited to debut to give solar project funding in India a new direction. We are delighted to collaborate with Tata Power Solar Systems on this effort, which is following the COP26 Agreement’s worldwide goals for decreasing carbon emissions “Chairman of the SBI, Dinesh Khara, stated.
According to the press release, the bank seeks to provide an end-to-end platform for digital and hassle-free loan applications for solar project funding.
SBI claims that with this digital initiative, it will be able to provide a full solution for solar projects at reasonable prices.
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Resource: Economic Times
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