Tata Power shares jump 4% after inking pack with Bank of India for easy financing for rooftop solar and EV charging stations

Tata Power stated that the partnership aligns with the government’s initiatives to promote rooftop solar installations and make solar energy affordable and accessible. The PM Surya Ghar Yojana is one such policy that will help Tata Power target a wide range of customers including residential users, housing societies, and micro, small, and medium enterprises (MSMEs).

The PM Surya Ghar Yojana allows residential users seeking to install solar power systems to avail loans at attractive interest rates and low margin requirements. For users seeking to install systems up to 3 kilowatts (KW), they can avail a loan of ₹2 lakh with a 5% margin at an interest rate of 7.10% per annum. For installations of systems up to 3 KW to 10 KW can avail loans of up to ₹10 lakh with interest ranging from 8.3% to 10.25%.

UDYAM registered MSME customers that are aiming to install solar power systems or EV charging stations, can avail a loan of up to ₹30 crore with a 15% margin requirement and interest rates starting from 9.35%.

Deepesh Nanda, chief executive officer and managing director of Tata Power Renewable Energy said that the partnership with Bank of India will allow the company to accelerate the adoption of clean and renewable energy by making it more affordable and accessible. The partnership will align with the country’s goals to transition to sustainable energy.

“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.” He said.

Shares of the company have risen by nearly 33% since the beginning of the year. The stock has gained over 99% in the past year.