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Tata Power Arm Pacts with BoI for Rooftop Solar, EV Stations

Jul 26, 2024

By: BlinkX Research Team

Tata Power Renewable Energy Limited announced on Friday, July 26, that its subsidiary, Tata Power Solar Systems Limited, has entered a strategic partnership with Bank of India, a public sector bank, to facilitate easy financing for rooftop solar installations and the establishment of electric vehicle charging stations.

Key Takeaways from Tata Power Arm and BoI Partnership

• Tata Power Renewable Energy Limited announced that its subsidiary, Tata Power Solar Systems Limited, has partnered with the Bank of India to facilitate easy financing for rooftop solar installations and electric vehicle charging stations.
• This collaboration supports the Government's initiatives to promote rooftop solar installations, targeting residential users under the PM Surya Ghar Yojana, housing societies, and MSMEs.

‘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). By providing tailored easy financing solutions, the partnership will mainstream green solutions and make sustainable energy adoption more accessible and affordable for all.’ the company said in a stock exchange filing.

“We are honoured 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”, Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited said. 

“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”, added Nanda. 

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.”

About Tata Power Renewable Energy Limited

As a major player in the nation's renewable energy market, Tata Power Renewable Energy Limited (TPREL) is a subsidiary of The Tata Power Company Limited. TPREL is a developer of renewable energy projects that it owns, manages, and maintains. These projects include solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems, including battery storage. It additionally provides complete green energy solutions, including turnkey, EPC, and O&M solutions for different business segments such as utility-scale projects, solar rooftops, and solar pump systems, available for both rural and urban locations. 

The company not only offers a wide range of renewable solutions, but it also has a state-of-the-art solar cell and module manufacturing factory in Bengaluru, with capabilities of 682 MW for modules and 530 MW for solar cells. Furthermore, TP Solar, the business that manufactures the 4.3 GW cells and modules, has finished building a 4 GW module manufacturing facility. The cell production facility is scheduled to be commissioned later this year. TPREL further offers other advisory services for the renewable energy industry as well as electric vehicle (EV) charging solutions for a range of market areas.

Currently, TPREL has an operating capacity of 4,817 MW, comprising 3,787 MW of solar and 1,030 MW of wind, and a total renewable utility capacity of 10,025 MW (PPA capacity is 8,196 MW), including 5,208 MW of projects in various phases of implementation.

Currently, the company offers over 2 GW of rooftop and dispersed ground-mounted systems, as well as over 13.5 GWp of ground-mount utility-scale solar EPCs. 

Read More About Tata Power Renewable Energy Share Price Here!