New Delhi: Tata Power Solar Systems Limited (TPSSL) has announced a strategic partnership with Bank of India (BOI) to facilitate financing for rooftop solar installations and electric vehicle (EV) charging stations. This partnership marks Tata Power Solar as the first solar company to collaborate with BOI for both solar and EV charging station financing, strengthening its leadership in green energy solutions.
The collaboration supports the government’s initiatives to promote rooftop solar installations, targeting residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs). The partnership will provide tailored financing solutions to make sustainable energy adoption more accessible and affordable.
Under the PM Surya Ghar Yojana, residential customers can avail loans up to INR 2 lakh for solar systems up to 3 KW with a 5% margin money requirement. These loans are offered at an interest rate of 7.10% per annum, are collateral-free, and have a tenure of up to 10 years. For installations above 3 KW and up to 10 KW, loans can be availed up to INR 6 lakh with a 5% margin money requirement, with interest rates ranging from 8.3% to 10.25% per annum, also collateral-free with a tenure of up to 10 years. Registered housing societies and residential welfare associations can benefit from loans up to INR 1 crore with a 10% margin money requirement.
UDYAM registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail of a loan of up to INR 30 crores. These loans have low interest rates starting from 9.35% per annum with a margin requirement of 15% and offer collateral-free options. Borrowers can avail higher repayment tenure of up to 120 months. Benefits of MSE-GIFT (Green Investment & Financing for Transformation) interest subvention can also be obtained under the loan offering.
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. This partnership aligns with our mission to bring affordable, clean energy to millions and accelerate India’s transition to a low-carbon economy. 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.”
TPSSL has a solar rooftop portfolio of over 2 GW, covering residential, commercial & industrial, MSMEs, large enterprises, group captives, and other customized offerings. The company excels in operational and maintenance services across 275+ cities and demonstrates technological process with its indigenous cells and modules.
TPREL is also a leading provider of electric vehicle charging solutions in India, with an extensive charging network spanning 550+ cities and towns, 5500+ public and semi-public charging points, ~1,00,000 home chargers, and 950+ bus charging points. The company is present across prominent highways and diverse locations such as hotels, malls, offices, hospitals, and residential complexes.
The total renewables capacity of TPREL reached 10,025 MW (PPA capacity is 8,196 MW) including 5,208 MW projects under various stages of implementation and its operational capacity is 4,817 MW, which includes 3,787 MW solar and 1,030 MW wind.
