Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with Bank of India (BOI) to offer streamlined financing for rooftop solar installations and electric vehicle (EV) charging stations.
This collaboration marks a significant milestone as Tata Power Solar becomes the first solar company to partner with BOI for both solar and EV charging station financing, reinforcing its position as a leader in green energy solutions. The partnership aligns with the Government’s efforts to promote rooftop solar installations, targeting residential users under the PM Surya Ghar Yojana (Prime Minister Solar House Scheme), housing societies, and Micro, Small, and Medium Enterprises (MSMEs).
The partnership will make sustainable energy solutions more accessible and affordable through tailored financing options. Under the PM Surya Ghar Yojana, residential customers can obtain loans up to Rs.2 lakh ($2,388) for solar systems up to 3 KW with a 5% margin requirement, at an attractive interest rate of 7.10% per annum, collateral-free, and with a tenure of up to 10 years. For systems above 3 KW and up to 10 KW, loans up to Rs.6 lakh ($7,165) are available with interest rates ranging from 8.3% to 10.25% per annum.
Housing societies and residential welfare associations can secure loans up to Rs.1 crore ($119,410) with a 10% margin. UDYAM-registered MSMEs can access loans up to Rs.30 crore for rooftop solar systems or EV charging stations with interest rates starting from 9.35% per annum, a 15% margin, and collateral-free options. These loans offer a repayment tenure of up to 120 months and the opportunity to benefit from MSE-GIFT (Green Investment & Financing for Transformation) interest subvention.
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. 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.”
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.”