Tata Group Stock primarily involved in the business of generation, transmission, and distribution of electricity and many more jumped 2% upon renewing its partnership with Union Bank of India to finance rooftop solar.
With a market capitalization of Rs. 1,27,254 Crores, the shares of Tata Power Limited were trading at Rs. 398.20, up 1.66 percent from its previous day’s close price of Rs. 391.70.
Tata Power Limited Solar Systems Limited a wholly-owned subsidiary of Tata Power Renewable Energy Limited announced the renewal and expansion of its partnership with Union Bank of India.
The partnership is to offer easy financing to residential customers in line with PM Surya Ghar Muft Bijli Yojana, to enhance affordability and promote the widespread solar rooftop adoption.
With the loan limits extended up to Rs. 15 lakh for Residential and Rs. 16 crores for Commercial and Industrial (C&I) customers, the renewed scheme plans to provide financing up to 80 percent and 85 percent for the respective categories for a tenure of upto 10 years.
This renewed three-year agreement includes both Residential and C&I segments compared to the earlier one which focused only on the C&I segment and resulted in the financing of Rs. 165 crore for the segment.
Tata Power Company which is a part of the famous Indian conglomerate the Tata Group, is India’s largest vertically integrated power company, primarily involved in the business of generation, transmission, distribution of electricity, manufacturing solar roofs, developing EV charging stations, and many more.
Tata Power Limited has a total of 14,453 MW installed Capacity mix which consists of 8,860 MW of Thermal, 835 MW of Wind, 880 MW of Hydro, 443 MW of Waste Heat Recovery, and 3,022 MW of Solar, and 413 MW of Hybrid It currently has 3,760 MW of Renewable capacity under construction.
Its revenue from operations grew by 28.71 percent from Rs. 42,816 Crores in FY22 to Rs. 55,109 Crores in FY23, accompanied by increasing profits of Rs. 2.156 Crores to Rs. 3,810 Crores.
Written by: Bharath K.S
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