Tata Power and Bank of Baroda sign MoU to finance solar projects

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has signed a Memorandum of Understanding (MoU) with Bank of Baroda to provide financing solutions for micro, small and medium enterprises (MSMEs) and commercial and industrial (C&I) customers adopting solar energy.

Under the agreement, Bank of Baroda will extend loans for projects up to 10 megawatts (MW) executed by TPREL or its authorised channel partners. Borrowers will have access to interest rates starting at 7.75 per cent, collateral-free loans of up to Rs 10 crore with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) coverage, repayment periods of up to 120 months, pan-India financing, reduced margin requirements from 20 per cent, and concessional processing fees.

The collaboration follows an earlier MoU signed in February 2025 between the two entities to provide financing for residential rooftop solar systems under the Pradhan Mantri Surya Ghar Yojana (PMSGY).

As of August 2025, TPREL has commissioned over 2.49 lakh rooftop solar installations with a cumulative capacity of more than 3.6 gigawatt peak (GWp). In the C&I segment, the company has served customers across sectors such as hospitality, automotive, aviation, education, HVAC, chemical, steel, electronics, and textiles.