TPREL signs MoU with UCO Bank to promote rooftop solar financing under PM Surya Ghar Yojana

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Company Limited, has signed an MoU with UCO Bank to accelerate the adoption of rooftop solar systems across India. The partnership aims to improve access to affordable financing for residential consumers under the PM Surya Ghar Muft Bijli Yojana. Under the MoU, UCO Bank will provide loans to salaried and self-employed individuals through its UCO Suryodaya Scheme for the installation of rooftop solar systems. The financing framework includes loans of up to Rs 0.2 million at a 6 per cent reducing interest rate for a tenure of up to 10 years, while larger systems with project costs between Rs 0.2 million and Rs 0.6 million will be eligible for funding up to 80 per cent of the project cost, at interest rates starting from 7.40 per cent for home loan customers and 8.40 per cent for others.