Tata Power Solar partners with the Bank of India to provide easy and affordable financing to accelerate installation of Rooftop Solar and EV Charging Stations
National, 26th July, 2024: Tata Power Solar Systems Limited (TPSSL), one of the leading solar companies in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL) announced a strategic partnership with Bank of India (BOI), a premier public sector bank, to facilitate easy financing for rooftop solar installations and establishment of electric vehicle (EV) charging stations. The partnership is a significant milestone with Tata Power Solar becoming the first solar company to collaborate with BOI for both solar and EV Charging Station financing and strengthening its leadership as a green energy solutions provider.
This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs). By providing tailored easy financing solutions, the partnership will mainstream green solutions and make sustainable energy adoption more accessible and affordable for all.
Under the PM Surya Ghar Yojana, residential customers seeking to install solar systems up to 3 KW can avail loans up to Rs.2 Lakh with only a 5% margin money requirement. These loans are offered at an attractive interest rate of 7.10% per annum, are collateral-free, and have a tenure of up to 10 years. For installations above 3 KW and up to 10 KW, loans can be availed up to Rs.6 Lakh with a 5% margin money requirement. The interest rates for these loans range from 8.3% to 10.25% per annum, and these are also collateral-free with a tenure of up to 10 years. Registered housing societies and residential welfare associations can benefit from loans up to Rs.1 Crore with a 10% margin money requirement.
All UDYAM registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail of a loan of up to Rs.30 Crores. These loans will have low interest rates starting from 9.35% p.a. with a margin requirement of 15% and offer collateral-free options. Borrowers can avail higher repayment tenure of up to 120 months. Benefits of MSE-GIFT (Green Investment & Financing for Transformation) interest subvention can also be obtained under the loan offering.
Mr. Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited said, “We are honored to collaborate with Bank of India to advance sustainable energy solutions across various customer segments. This partnership aligns with our mission to bring affordable, clean energy to millions and accelerate India’s transition to a low-carbon economy. With the help of partners like the Bank of India, we are delighted to provide affordable and easy financing solutions for our customers looking to invest in either Rooftop Solar or EV Charging Infrastructure, which will help them take their first steps on their green energy journey.”
Mr. Ashok Kumar Pathak, Chief General Manager, Bank of India, said, “Our partnership with Tata Power Solar marks a significant step towards fostering sustainable development. As the first bank to tie up with a solar company for solar and EV charging station financing, we are proud to offer tailored financial solutions that will empower individuals, housing societies, and MSMEs to embrace renewable energy. This initiative reflects our commitment to supporting the government’s vision for a green and sustainable future.”
TPSSL stands at the forefront of the renewable energy landscape. With a solar rooftop portfolio of over 2 GW, the Company is making significant strides across various states and cities. The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captives, and other customized offerings, showcasing a commitment to diverse energy needs.
Leveraging 34 years of experience and the trust of the Tata brand, the Company excels in operational and maintenance services across 275+ cities and demonstrates technological process with its indigenous cells and modules. Its strong commitment to customer satisfaction and the extensive network of channel partners further solidifies its position as a trusted leader in the renewable energy sector.
TPREL is also a leading provider of electric vehicle charging solutions in India, spearheading the nation’s transition towards e-mobility. Its commitment to e-mobility is exemplified through its extensive charging network spanning 550+ cities and towns, 5500+ public and semi-public charging points, ~1,00,000 home chargers, and 950+ conveniently positioned bus charging points. Present across prominent highways and diverse locations such as hotels, malls, offices, hospitals, residential complexes, etc.
The total renewables capacity of TPREL reached 10,025 MW (PPA capacity is 8,196 MW) including 5,208 MW projects under various stages of implementation and its operational capacity is 4,817 MW, which includes 3,787 MW solar and 1,030 MW wind.
