Solar Energy: India is growing in many things. In the solar energy sector, India is growing rapidly. Now India’s largest public sector bank, the State Bank of India, cracks a mega deal with Solex Energy. Yes, you’ve heard right. Solex Energy on Saturday announced a partnership with the State Bank of India. Under this collaboration, SBI will provide loans for solar projects worth up to Rs 10 crore to commercial, industrial, and institutional customers across India under its Surya Shakti Solar Finance Scheme. People are now very happy with this initiative.
Solex Energy’s Chairmen’s big comment
Chetan Shah, Chairman and Managing Director, Solex Energy, makes big comment on this deal. He said, “This partnership is aimed at making solar energy easily accessible and affordable.” Solex Energy will provide complete customer support, including all processes from site evaluation, design, and obtaining regulatory approvals. At the same time, SBI will provide customers with the facility of a simple and fast loan application process through its digital platform, which will not hinder financing for solar projects.
Do you know that Surat-based Solex Energy is currently in the process of expanding its solar module manufacturing capacity from 700 MW to 1.5 GW at Tadkeshwar in Gujarat, which will enable the company to contribute even further to the solar energy sector in India?
In the past, many public and private banks have partnered with solar companies and provided financing facilities for commercial and residential solar projects. In August 2024, Tata Power Solar Systems Ltd. entered into an agreement with ICICI Bank to facilitate financing of solar units for residential and corporate customers.
Solex Energy’s Market Share Update
Now let’s take a look at the shares of Solex Energy. On Friday, Solex Energy shares saw a big decline. The stock closed at Rs 1,327, down 1.57 percent. During trading, the stock fell more than 2 percent to Rs 1,287.15. On January 1, 2024, the share price was at a low of Rs 332. This is also the 52-week low level of the stock. The stock went up to Rs 1,717.10 in October 2024. This is the stock’s 52-week high. Now that the stock market will be traded on Monday, investors will keep an eye on this stock.