Tata Power Solar is Bank of India’s first green partner for financing Solar and EV charging stations.
Tata Power Solar Systems Limited announced a strategic partnership with Bank of India (BOI) to facilitate easy financing for rooftop solar installations as well as the establishment of electric vehicle (EV) charging stations.
This partnership aims to make sustainable energy adoption more accessible and affordable through solutions that cover residential, commercial and industrial, MSMEs, large enterprises, group captives, and other customised offerings.
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 a bank to tie up with a solar company for solar and EV charging station financing.” This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a broad spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).
Under PM Surya Ghar Yojana, residential customers can get loans for solar systems up to 3 KW with an interest rate of 7.10% per annum and a 5% margin money requirement. For systems above 3 KW up to 10 KW, loans are available with interest rates ranging from 8.3% to 10.25% per annum and a 5% margin money requirement. Housing societies and residential welfare associations can also benefit from loans up to Rs. 1 crore with a 10% margin money requirement.
Udyam portal registered that MSME customers can access loans of up to Rs 30 crores for setting up rooftop solar systems or EV charging stations with low interest rates starting from 9.35% p.a. The loans offer collateral-free options and a longer repayment tenure of up to 120 months. Additionally, TPREL’s total renewables capacity has reached 10,025 MW, with an operational capacity of 4,817 MW, including 3,787 MW solar and 1,030 MW wind.
Tata Power Renewable Energy Limited (TPREL) is a subsidiary of The Tata Power Company Limited. It is one of the country’s most significant renewable energy players & serves as a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems, including battery storage) that it owns, operates, and maintains. The comprehensive solutions cover residential, commercial & industrial, MSMEs, large enterprises, group captives, and other customised offerings, showcasing a commitment to diverse energy needs.
