Tata Power Solar partners with the Bank of India to finance EV Charging Stattions

by Psu Connect
Date: 26-07-24

This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).

Tata Power Solar partners with the Bank of India to finance EV Charging Stattions

Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL) announced a strategic partnership with the Bank of India (BOI), a public sector bank, to facilitate easy financing for rooftop solar installations establishment of electric vehicle (EV) charging stations.

The partnership is a significant milestone with Tata Power Solar becoming the first solar company to collaborate with BOI for both solar and EV Charging Station financing and strengthening its leadership as a green energy solutions provider.

This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).

With easy financing solutions, the partnership will mainstream green solutions and make sustainable energy adoption more accessible and affordable for all. Under the PM Surya Ghar Yojana, residential customers seeking to install solar systems up to 3 KW can avail loans up to Rs.2 Lakh with only a 5% margin money requirement.

These loans are offered at an attractive 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 Rs.6 Lakh with a 5% margin money requirement. The interest rates for these loans range from 8.3% to 10.25% per annum, and these are also collateral-free with a tenure of up to 10 years.

Registered housing societies and residential welfare associations can benefit from loans up to Rs.1 Crore with a 10% margin money requirement. All UDYAM registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail of a loan of up to Rs.30 Crores.

These loans will have low interest rates starting from 9.35% p.a. 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.

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Tata Power Solar partners with the Bank of India to finance EV Charging Stattions

This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).

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