Tata Power Renewable, BoB Partner for Solar Loans

07 Feb 2025 CW Team

Tata Power Renewable Energy Ltd (TPREL) has partnered with Bank of Baroda (BoB) to provide financing for residential rooftop solar projects under the PM - Surya Ghar Muft Bijli Yojana, the world's largest domestic rooftop solar initiative.

Loan Details and Benefits Under the Memorandum of Understanding (MoU), applicants can avail loans up to Rs 6 lakh at an interest rate starting from 7% per annum, with both fixed and floating rate options.

For rooftop solar systems up to 3 kW: Loans up to Rs 2 lakh are available without income documentation. For systems between 3 kW and 10 kW: Loans up to Rs 6 lakh require a 20% margin contribution. Collateral-free loans with a flexible repayment tenure of up to 10 years. BoB home loan customers will get special concessional rates between 9.15% and 11%, while other customers will have rates between 10.15% and 12%. The scheme requires a 10% margin contribution for loans up to 3 kW at 7% interest per annum, making solar adoption more affordable for households.

Accelerating India’s Clean Energy Goals The PM - Surya Ghar Muft Bijli Yojana aims to install rooftop solar systems in 10 million homes by March 2027, significantly contributing to India's clean energy transition.

“This strategic collaboration with Bank of Baroda marks a significant step in our mission to make clean energy solutions accessible to every household in India. By offering affordable and convenient financing options, we are enabling residential customers to embrace rooftop solar technology with ease,” said Deepesh Nanda, CEO & MD, TPREL.

Lalit Tyagi, Executive Director, Bank of Baroda, emphasized the bank’s commitment to expanding its role in renewable energy financing, aligning with the government’s vision to maximize power generation from sustainable sources.

By making solar installations more affordable and accessible, this initiative is expected to drive wider adoption of rooftop solar and contribute to India’s renewable energy goals.

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