Tata Power Solar Systems partners with Bank of India for solar, EV charging station financing
Notable because
This marks a strategic partnership to facilitate easy financing for rooftop solar installations (PM Surya Ghar scheme) and the establishment of electric vehicle (EV) charging stations. These are collateral-free loans, with a tenure of up to 10 years, at interest rates of 8.3% to 10.25% per annum, for residential consumers. Residential housing societies and micro, small, and medium enterprises (MSMEs) can also avail of loans at preferential rates.
What to look out for in the months ahead
Solar projects have received considerable private and public finance, making them the frontrunner amongst renewables. What are some of the lessons that can be implemented to realise a similar trajectory for other renewables? Tata Power has recently inked several collaborations (BOI, Indian Bank, Ecofy, and BluSmart) to offer solar and EV charging finance. Can this encourage other private financiers to support renewable energy schemes?