Tata Power Solar Partners with Bank of India for Rooftop Solar and EV Charging Station Financing

On July 26, 2024, Tata Power Company Ltd announced via a stock exchange filing that its subsidiary Tata Power Solar Systems Limited (TPSSL)  has teamed up with the Bank of India (BOI) to offer financing for rooftop solar installations and electric vehicle (EV) charging stations. This collaboration makes TPSSL the first solar company to partner with BOI for both these financing options.

The partnership aligns with government efforts to boost rooftop solar adoption. It provides financing solutions for many customers, including residential users, housing societies, and small businesses.

Residential customers can get loans up to ₹2 Lakh for solar systems up to 3 KW, with a 5% down payment and a 7.10% annual interest rate over a 10-year term. For systems larger than 3 KW but up to 10 KW, loans up to ₹6 Lakh are available with interest rates between 8.3% and 10.25%, also over 10 years.

Housing societies can borrow up to ₹1 crore with a 10% down payment. UDYAM-registered MSMEs can get loans up to ₹30 crore for solar systems or EV charging stations, with a starting interest rate of 9.35%, a 15% margin, and a repayment period of up to 10 years. They can also benefit from the MSE-GIFT interest subvention.

Mr Deepesh Nanda, CEO and Managing Director of Tata Power Renewable Energy Limited, said, “We are honoured 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.”

About Tata Power

Tata Power, part of the Tata Group, is a major power company in India with a diverse portfolio of 15,010 MW. The company operates across the entire power sector, including renewable and conventional energy generation, transmission and distribution, trading, energy storage, and solar cell and module manufacturing.

On July 26, 2024, Tata Power Company Ltd’s share price opened at ₹432.00, touching the high of ₹441.40 as of 11:22 AM on the NSE. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.