Tata Power Solar partners with BOI for financing Solar and EV charging stations

Partnership to help promote faster adoption of rooftop solar installations for residential users, housing societies, and MSMEs

Mumbai- Tata Power Solar Systems Limited (TPSSL)., a subsidiary of Tata Power Renewable Energy Limited (TPREL) announced a strategic partnership with Bank of India (BOI), a premier public sector bank, to facilitate financing for rooftop solar installations and EV charging stations, Tata Power Solar has partnered with BOI. This collaboration Tata Power Solar becomes the first solar company to join forces with BOI for both solar and EV charging solutions.

This partnership supports with government efforts to promote rooftop solar adoption, benefiting residential users, housing societies, and MSMEs. By offering tailored financing solutions, it aims to make green energy more accessible and affordable for all.

Under the PM Surya Ghar Yojana, residential customers can get loans up to Rs.2 Lakh for solar systems up to 3 KW with a 5% margin and a 7.10% interest rate, collateral-free, for up to 10 years. For systems from 3 KW to 10 KW, loans up to Rs.6 Lakh are available at rates between 8.3% and 10.25%. Housing societies can access up to Rs.1 Crore with a 10% margin.

UDYAM-registered MSMEs can secure loans up to Rs.30 Crores for rooftop solar systems or EV charging stations, with interest rates starting at 9.35%, a 15% margin, and up to 10 years' tenure. MSE-GIFT interest subvention benefits are also available.

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.

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.