Tata Power Solar Systems Limited (TPSSL) has teamed up with the Bank of India (BOI) to offer easy and affordable financing solutions for rooftop solar installations and electric-vehicle (EV) charging stations.

What Happened: TPSSL, a subsidiary of Tata Power Renewable Energy Limited (TPREL), announced its strategic partnership with BOI, in a press release on Friday.

The collaboration aims to fast-track the installation of rooftop solar and EV charging stations by providing customised financing solutions. With this, Tata Power Solar has become Bank of India's first green partner for financing in the area.

This partnership is in line with the Indian government’s initiatives to promote rooftop solar installations. It aims to serve a diverse customer base, including residential users under the PM Surya Ghar Yojana, housing societies and micro, small and medium enterprises (MSMEs).

See Also: Analysts Say IRFC Shares May Still Breach 200 Levels And More But Advise Caution

“This partnership aligns with our mission to bring affordable, clean energy to millions and accelerate India's transition to a low-carbon economy,” Deepesh Nanda, CEO & managing director of Tata Power Renewable Energy Limited, stated.

“As the first bank to tie up with a solar company for solar and EV charging station financing, we are proud to offer tailored financial solutions that will empower individuals, housing societies and MSMEs to embrace renewable energy,” Ashok Kumar Pathak, Bank of India’s chief general manager, said.

On Thursday, Tata Power also announced a partnership with the National Dairy Development Board (NDDB). The company’s subsidiary TP Renewable Microgrid has joined hands with NDDB to introduce renewable energy technologies within the dairy value chain.

Earlier this morning, Tata Power’s shares jumped after UBS initiated coverage on the energy major with a "buy" rating, setting its target price at ₹510. The brokerage firm attributed its bullish rating to the company’s strong EBITDA growth and its focus to renewable energy.

Price Action: Tata Power’s shares were up 4.15% at ₹440.90 on Friday.

Read Next: Why Vedanta’s Share Price Is Soaring 3% Today