Rs 15,885 crore order book: This multibagger power generation company renews partnership with Union Bank of India; details inside!
The stock gave multibagger returns of over 300 per cent in just 3 years whereas BSE Sensex Index is up by 46 per cent.
Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced the renewal and expansion of its partnership with Union Bank of India (UBI) to offer financing solutions for Residential customers, in line with the Government's PM Surya Ghar Muft Bijli Yojana as well as for Commercial and Industrial (C&I) customers.
With loan limits extended up to Rs 15 lakh for Residential and Rs 16 crore for C&I customers, the renewed scheme plans to provide financing up to 80 per cent and 85 per cent for the respective categories. Notably, both categories will have access to collateral-free financing options, making the transition to solar energy more accessible. The loan tenure has also been extended up to 10 years, allowing households and businesses ample time for repayment.
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.
Aligned with the government's push for residential solar power, TPSSL and UBI have partnered to offer a special scheme under the PM-Surya Ghar Muft Bijli Yojana, aiming to improve accessibility and affordability, thereby driving widespread adoption of solar solutions. TPSSL, a leader in the renewable energy sector with over 2 GW of solar rooftop installations, offers comprehensive solutions across various segments and leverages its experience and network to excel in operations, maintenance, and technology, solidifying its position as a trusted leader.
Leading Indian power company Tata Power, a major player across all aspects of electricity production and distribution, is significantly expanding its clean energy portfolio through its subsidiary TPREL, focusing on wind, solar, and hydro projects. While they maintain a mix of renewable and conventional sources, their commitment to sustainability is evident in their massive Rs 60,000 crore investment plan spread over four years. Nearly half of this sum, Rs 27,000 crore, will be directed towards renewable energy projects, while an additional Rs 12,000 crore is reserved for potential opportunities in transmission and distribution, highlighting their strategic approach to fulfilling future energy demands.
With a robust order book of Rs 15,885 crore and a total capacity of 3,612 MW (as of December 31, 2023), Tata Power is poised for an electrifying future. Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. The company has a market cap of over Rs 1.2 lakh crore.
Today, shares of Tata Power Ltd surged 1.06 per cent to Rs 395.85 per share with an intraday high of Rs 400 and an intraday low of Rs 390.20. The stock gave multibagger returns of over 300 per cent in just 3 years whereas BSE Sensex Index is up by 46 per cent. Investors should keep an eye on this Large-Cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.