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Solex Energy Partners with SBI for Solar Project Financing

Article Title: Solex Energy Partners with SBI for Solar Project Financing

28-10-2024

Development Administration in Tamil Nadu Current Affairs Analysis

Context:

Solex Energyhas partnered with the State Bank of India (SBI) to provide financing options for solar projects, targeting commercial, industrial, and institutional customers.

Under this collaboration,SBI will offer loans up to ₹10 crorethrough itsSurya Shakti Solar Finance Scheme,aiming to make solar energy more accessible and affordable in India.

Partnership Details

Loans Offered: SBI will provide loans up to ₹10 crore for solar projects.

Scheme: The financing falls under SBI’s Surya Shakti Solar Finance Scheme.

Goals of the Collaboration

Accessibility: The partnership seeks to make solar energy more affordable for a wider audience.

Business Expansion: The initiative aims to accelerate the adoption of solar solutions among clients and channel partners.

Solex Energy’s Expansion Plans

Manufacturing Capacity: Solex Energy is expanding its solar module manufacturing capacity from 700 megawatts (MW) to 1.5 gigawatts (GW) in Tadkeshwar, Gujarat, to support the increasing demand for solar energy solutions.