One of India’s largest integrated power companies, Tata Power, has joined hands with the Bank of India (BOI) to fund solar rooftop projects and to develop electric vehicle (EV) charging stations. This partnership will fast-track India’s shift to renewable energy resources and EV vehicles. In this blog, we will take a closer look at this partnership.
The Partnership Between TPSSL And BOI
Tata Power Solar Systems Limited (TPSSL) is a subsidiary of Tata Power Renewable Energy Limited. It is a solar company with a total renewable capacity of 10,025 MW. With a network of 5,500 charging stations spread over 550 cities and towns, TPREL also offers EV charging solutions in India. The current Tata Power share price is Rs. 415+.
The Bank of India (BOI) and Tata Power Solar Systems Limited (TPSSL) announced a collaboration in July 2024 to finance rooftop solar projects and EV charging stations.
The collaboration is to enhance the use of rooftop solar panels in households, communities, and micro, small, and medium-sized businesses (MSME). TPSSL is the first solar company to collaborate with BOI to finance EV charging stations and solar power generation.
Installations of Solar Rooftop Projects
Tata Power will use the financial support of BOI as part of this cooperation to increase the number of solar rooftop installations across the country. Energy independence, lower carbon emissions, and cheaper electricity rates are just a few advantages of solar rooftop systems.
This partnership is aimed at lowering the cost and increasing the accessibility of the installation of solar power plants.
Development of EV Charging Stations
One of the main objectives of this collaboration is to fast-track the development of EV charging stations across the country to reduce the usage of petrol and diesel. A credible and large charging infrastructure is required to bring more people to adopt the EV movement.
With its expertise in establishing EV charging stations, Tata Power will play an essential role in ensuring that EV users have a smooth charging experience and driving India’s electric vehicle revolution. The partnership also aims to accelerate the development of EV charging infrastructure throughout the country.
Benefits of the Partnership
India will experience several benefits as a result of this partnership. Some of them are:
- Increase adoption of clean energy: Tata Power will be able to install solar rooftop systems and EV charging stations more quickly due to the financial support from BOI, which will accelerate the adoption of green energy solutions throughout the country.
- Decreased Carbon Footprint: The collaboration will decrease India’s carbon footprint and encourage the adoption of solar energy and electric vehicles.
- Employment and Economic Growth: The development of solar and electric vehicle infrastructure will lead to a large number of job openings in production, installation, maintenance, and other associated industries, which will promote economic growth and employment in the country.
- Enhanced Energy Portfolio: The collaboration will increase the diversity in India’s energy portfolio and will also reduce its reliance on fossil fuels and other countries to meet its energy demands.
- Better Air Quality: As more people use electric vehicles, urban air quality will improve, improving public health and reducing the burden on the healthcare system.
The Bottom Line
India’s progress toward a sustainable future has advanced significantly with Tata Power’s collaboration with BOI. Together, these resources—financial and technological—have the potential to completely change the energy landscape and accelerate the shift to a clean energy economy. To invest in stocks of these companies, open a demat account.
