Tata Power Solar Systems Limited (TPSSL) has announced a strategic partnership with Bank of India (BOI) to provide accessible and affordable financing for rooftop solar installations and electric vehicle (EV) charging stations.
This partnership aims to accelerate the adoption of sustainable energy solutions across various customer segments, including residential users, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).
As part of this collaboration, Tata Power Solar becomes the first solar company to team up with BOI for both solar and EV charging station financing, further cementing its leadership in the green energy sector.
The initiative aligns with the Indian government’s goals to boost rooftop solar installations under programs such as the PM Surya Ghar Yojana.
The financing options under this partnership are designed to be highly attractive.
Residential customers can secure loans up to ₹2 lakh for solar systems up to 3 KW with just a 5% margin at an interest rate of 7.10% per annum.
For larger installations up to 10 KW, loans up to ₹6 lakh are available, with interest rates ranging from 8.3% to 10.25% per annum.
Additionally, housing societies and residential welfare associations can access loans up to ₹1 crore with a 10% margin requirement.
MSMEs looking to adopt rooftop solar systems or set up EV charging stations can avail themselves of loans up to ₹30 crore, featuring low-interest rates starting from 9.35% per annum and collateral-free options.
These loans also offer a generous repayment tenure of up to 120 months and benefit from the MSE-GIFT interest subvention.
Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed enthusiasm for the partnership, stating, “We are honored to collaborate with Bank of India to advance sustainable energy solutions. This partnership will provide affordable and easy financing for our customers, supporting India’s transition to a low-carbon economy.”
Echoing this sentiment, Ashok Kumar Pathak, Chief General Manager of Bank of India, remarked, “Our partnership with Tata Power Solar represents a significant step towards fostering sustainable development. We are proud to offer tailored financial solutions that will empower various customer segments to embrace renewable energy.”
Tata Power Solar continues to lead in the renewable energy landscape, boasting a solar rooftop portfolio of over 2 GW and extensive experience in operational and maintenance services across more than 275 cities.
The company also plays a pivotal role in advancing e-mobility with a widespread EV charging network and a robust renewable energy capacity of 10,025 MW, including ongoing and operational projects.
