New Delhi: On Saturday, Solex Energy announced a collaboration with State Bank of India (SBI) to provide solar financing solutions to commercial, industrial, and institutional clients. Solex Energy stated that SBI will provide solar financing through loans of up to Rs 10 crore for solar projects across India under its Surya Shakti Solar Finance Scheme as part of the collaboration.
The goal of the partnership is to make solar power more available, economical, and a primary driver for India's future in renewable energy. Solex Energy Chairman & Managing Director (CMD) Chetan Shah stated that the collaboration would speed up the development of solar energy and enable their customers and channel partners to readily embrace solar solutions and boost business growth rapidly. Solex Energy will provide complete assistance to customers, including site evaluation, design, and obtaining regulatory approvals, while SBI will offer a digital platform for a smooth loan application process for solar project financing.
Different public and private lenders have partnered with solar companies to offer financing choices for solar projects in commercial and residential areas. In August, ICICI Bank and Tata Power Solar Systems Ltd (TPSSL) entered into a deal to offer financial support for solar installations to both individual and business clients. Solex Energy, located in Surat, is currently increasing their solar module production capacity from 700 MW to 1.5 GW in Tadkeshwar, Gujarat.
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