Tata Power Solar and Bank of India Partner to Facilitate Green Financing

Tata Power Solar Systems Limited (TPSSL), a leading solar energy company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with the Bank of India (BOI). This collaboration marks a significant milestone, with TPSSL becoming the first solar company to work with BOI on financing both solar installations and electric vehicle (EV) charging stations.

The partnership aims to support the Indian Government’s initiatives to promote rooftop solar installations and establish EV charging infrastructure. It targets a broad range of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs). By offering tailored financing solutions, the partnership seeks to make green energy solutions more accessible and affordable.

Under the PM Surya Ghar Yojana, residential customers can access loans up to Rs. 2 lakh for solar systems up to 3 KW with a 5% margin and an interest rate of 7.10% per annum. For systems above 3 KW and up to 10 KW, loans up to Rs. 6 lakh are available with a margin requirement of 5%, and interest rates ranging from 8.3% to 10.25% per annum. Housing societies and residential welfare associations can benefit from loans up to Rs. 1 crore with a 10% margin.

UDYAM registered MSME customers can avail loans up to Rs. 30 crore for rooftop solar systems or EV charging stations. These loans offer low interest rates starting from 9.35% per annum, a 15% margin requirement, and collateral-free options, with repayment tenures up to 120 months. MSE-GIFT (Green Investment & Financing for Transformation) interest subvention benefits are also available.

Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, stated, “We are honored to partner with the Bank of India to advance sustainable energy solutions. This partnership aligns with our mission to deliver affordable, clean energy and support India’s transition to a low-carbon economy.”

Ashok Kumar Pathak, Chief General Manager of Bank of India, added, “Our collaboration with Tata Power Solar is a significant step towards sustainable development. As the first bank to collaborate with a solar company for both solar and EV charging station financing, we are proud to offer solutions that will enable individuals, housing societies, and MSMEs to adopt renewable energy.”

TPSSL, with over 2 GW of solar rooftop capacity, is a leader in the renewable energy sector, providing solutions across various states and cities. The company boasts extensive experience, a wide network of channel partners, and a strong commitment to customer satisfaction.

TPREL also plays a major role in India’s transition to e-mobility, with a charging network covering over 550 cities and towns, more than 5,500 public and semi-public charging points, approximately 100,000 home chargers, and 950 bus charging points.

The total renewable capacity of TPREL has reached 10,025 MW, including 5,208 MW in various stages of implementation and an operational capacity of 4,817 MW, comprising 3,787 MW from solar and 1,030 MW from wind energy.