Solex Energy recently announced a strategic partnership with the State Bank of India (SBI) to boost solar adoption in India through financing solutions specifically for commercial, industrial, and institutional clients. Under SBI’s Surya Shakti Solar Finance Scheme, eligible customers can now access loans of up to ₹10 crore for solar initiatives, making solar energy more accessible and affordable across India. The collaboration aims to position solar energy as a major contributor to India’s renewable energy goals.
Key Aspects of the Solex-SBI Solar Financing Partnership
- Loan Amount: Up to ₹10 crore for solar projects
- Scheme Name: Surya Shakti Solar Finance Scheme
- Focus Area: Commercial, industrial, and institutional sectors
Partnership Objectives
- Expand Solar Accessibility: The collaboration is designed to make solar energy accessible to a wider range of clients, fostering India’s renewable energy transition.
- Support for Solar Adoption: Solex Energy will assist customers with site evaluations, project designs, and regulatory approvals, while SBI will ensure a seamless loan application process via a digital platform.
Key Details of Solex Energy-SBI Partnership
| Feature | Details |
| Loan Amount | Up to ₹10 crore |
| Applicable Scheme | Surya Shakti Solar Finance Scheme |
| Target Audience | Commercial, industrial, institutional sectors |
| Solex Support | Site assessment, project design, regulatory assistance |
| SBI’s Contribution | Digital platform for easy loan applications |
Solex Energy’s Growth in the Solar Market
Solex Energy, headquartered in Surat, is increasing its solar module manufacturing capacity from 700 MW to 1.5 GW at its Tadkeshwar facility in Gujarat. This expansion supports the rising demand for solar solutions in India. In addition to solar panels, the company offers products like solar water heaters and solar power plants.
Recent Industry Trend
In a similar move, Tata Power Solar Systems Ltd (TPSSL) partnered with ICICI Bank to offer financing solutions for residential and corporate solar installations, reflecting a broader trend of solar companies working with financial institutions to accelerate renewable energy projects.
News Summary
- Partnership: Solex Energy collaborates with SBI for solar project financing.
- Loan Scheme: Loans up to ₹10 crore via Surya Shakti Solar Finance.
- Goal: Enhance solar accessibility and affordability in India.
- Expansion: Solex increasing production capacity to meet demand.
Industry Trend: Similar solar financing deals, such as Tata Power Solar with ICICI Bank.
Also Read Latest Current Affairs 2024
The Surya Shakti Solar Finance Scheme is SBI’s loan program offering financing of up to ₹10 crore for solar energy projects.
Commercial, industrial, and institutional clients interested in solar projects can apply.
Solex Energy provides support in site evaluations, project design, and regulatory approvals to ensure smooth project implementation.
The partnership aims to expand access to affordable solar energy solutions across India, supporting the country’s renewable energy goals.
Tata Power Solar Systems Ltd (TPSSL) recently partnered with ICICI Bank to finance solar installations for residential and corporate clients
The facility is in Tadkeshwar, Gujarat, where they are increasing capacity from 700 MW to 1.5 GW.
By making solar projects more accessible, the partnership promotes the use of clean energy and supports India’s transition to renewable energy sources.
