The Business Bytes
Bhubaneswar, July 29, 2024 (TBB Bureau): Tata Power Solar Systems Limited (TPSSL), a leading player in India’s solar energy sector and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a landmark strategic partnership with the Bank of India (BOI). This collaboration marks a significant development in the realm of green energy, as TPSSL becomes the first solar company to partner with BOI for both rooftop solar installations and electric vehicle (EV) charging station financing.
The alliance supports the Government of India’s initiatives to boost the adoption of rooftop solar solutions and electric vehicle infrastructure. The partnership aims to provide accessible and affordable financing options for a diverse range of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).
Under the PM Surya Ghar Yojana, residential customers looking to install solar systems up to 3 KW can secure loans up to Rs. 2 lakh with only a 5% margin money requirement. These loans, offered at an attractive interest rate of 7.10% per annum, are collateral-free and come with a repayment tenure of up to 10 years. For solar installations between 3 KW and 10 KW, loans of up to Rs. 6 lakh are available with interest rates ranging from 8.3% to 10.25% per annum. Registered housing societies and residential welfare associations can benefit from loans up to Rs. 1 crore with a 10% margin money requirement.
For UDYAM registered MSME customers, the partnership offers loans up to Rs. 30 crores for rooftop solar systems or EV charging stations. These loans feature low interest rates starting at 9.35% per annum with a 15% margin requirement and provide collateral-free options. Borrowers can also access an extended repayment period of up to 120 months and benefits from the MSE-GIFT (Green Investment & Financing for Transformation) interest subvention.
Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, expressed his enthusiasm about the partnership, stating, “We are honored to collaborate with Bank of India to advance sustainable energy solutions across various customer segments. This partnership aligns with our mission to provide affordable, clean energy to millions and accelerate India’s transition to a low-carbon economy. With the support of the Bank of India, we are excited to offer easy financing solutions for customers investing in Rooftop Solar or EV Charging Infrastructure, helping them take their first steps towards green energy.”
Ashok Kumar Pathak, Chief General Manager of the Bank of India, highlighted the significance of the collaboration, saying, “Our partnership with Tata Power Solar represents a significant step towards fostering sustainable development. As the first bank to partner with a solar company for both solar and EV charging station financing, we are proud to offer tailored financial solutions that will enable 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.”
TPSSL, with its extensive experience and a solar rooftop portfolio of over 2 GW, continues to lead in the renewable energy sector. The company’s solutions span residential, commercial, industrial, MSMEs, and large enterprises, demonstrating its commitment to meeting diverse energy needs. TPSSL’s operational and maintenance services cover over 275 cities, and its technological advancements include indigenous cells and modules.
Moreover, TPREL is a front-runner in electric vehicle charging solutions, boasting a charging network across 550+ cities, with 5,500+ public and semi-public charging points, 100,000 home chargers, and 950+ bus charging points. The company’s total renewables capacity stands at 10,025 MW, including 5,208 MW in various stages of implementation, and an operational capacity of 4,817 MW, comprising 3,787 MW solar and 1,030 MW wind.
