Tata Power Solar partners with BOI for solar, EV charging station financing

Tata Power Solar Partners with Bank of India to Facilitate Easy Financing for Solar Installations and EV Charging Stations

New Delhi: Tata Power Solar Systems Ltd (TPSSL) on Friday announced a strategic partnership with Bank of India (BOI) to provide easy financing for rooftop solar installations and the establishment of electric vehicle (EV) charging stations.

This collaboration marks a significant milestone, with Tata Power Solar becoming the first solar company to join forces with BOI for both solar and EV charging station financing, thereby solidifying its leadership as a green energy solutions provider, according to a company statement.

The partnership supports the government's initiatives to promote rooftop solar installations, targeting 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 avail loans up to Rs 2 lakh with only a 5 percent margin money requirement. These loans are offered at an attractive interest rate of 7.10 percent 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 percent margin money requirement. The interest rates for these loans range from 8.3 percent to 10.25 percent per annum, and they 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 percent margin money requirement.

All UDYAM-registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail loans up to Rs 30 crore. These loans feature low interest rates starting from 9.35 percent per annum, with a margin requirement of 15 percent, and offer collateral-free options. Borrowers can avail higher repayment tenure of up to 120 months.

Additionally, benefits of MSE-GIFT (Green Investment & Financing for Transformation) interest subvention can also be obtained under the loan offering.