Tata Power arm, Indian Bank join hands for solar rooftop scheme; stock trading flat

Shares of Tata Power Company were trading on a flat note after the Tata Group firm said Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced its strategic partnership with public sector lender Indian Bank, to bolster the adoption of solar rooftop among residential consumers. 

Tata Power shares gained 0.43% to Rs 429.75 on Tuesday amid a rally in  the broader market. The power sector stock has gained 30.32% in 2024 and risen 119% in a year. Market cap of Tata Power climbed to Rs 1.37 lakh crore on BSE. A total of 4.22 lakh shares of the firm changed hands amounting to a turnover of Rs 18.12 crore.

The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme.

Deepesh Nanda, CEO & Managing Director, Tata Power Renewable said, “At Tata Power Renewable Energy Limited, we are resolutely committed to propelling a sustainable future through the promotion of renewable energy solutions. This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar adoption. Together, we are poised to harness our collective expertise and resources to illuminate households and catalyse energy transition nationwide.”