Tata Power EV Charging Solutions Limited (TPEVCSL), a subsidiary of Tata Power, has signed a landmark memorandum of understanding (MoU) with VE Commercial Vehicles Limited (VECV) to accelerate the adoption of electric commercial vehicles in India. This strategic partnership aims to transform the country's commercial mobility landscape by addressing key challenges in the transition to electric vehicles.

Collaboration Highlights

• The partnership will initially focus on providing charging support for VECV's newly launched Eicher Pro X range of small commercial vehicles.
• Tata Power will leverage its extensive EV charging infrastructure and expertise in customized charging solutions.
• VECV will contribute its domain expertise in energy efficiency to optimize energy usage in electric trucks and buses.
• The collaboration aims to tackle challenges such as range anxiety, charging point availability, and operating costs for fleet operators transitioning to electric vehicles.

Expanding EV Charging Network

Tata Power has significantly expanded its EV charging network under the brand name EZ Charge:

These charging points are strategically located at highways, hotels, malls, hospitals, offices, bus depots, and residential complexes, facilitating the growth of electric mobility in India.

VE Commercial Vehicles: A Strong Partner

VECV, a joint venture between the Volvo Group and Eicher Motors Limited, brings significant expertise to the partnership:

• Manufactures and sells Eicher-branded trucks and buses in 40 countries
• Exclusive distributor of Volvo Trucks in India
• Engaged in engine manufacturing and exports for the Volvo Group

Implications for India's Transport Sector

This collaboration between Tata Power and VECV is expected to have far-reaching effects on India's commercial vehicle ecosystem:

• Accelerate the adoption of electric trucks and buses
• Provide innovative solutions for range anxiety and charging infrastructure
• Enable a cleaner, more sustainable future for India's transport sector
• Support the transition of Eicher Trucks and Buses customers to electric mobility

Looking Ahead

As India moves towards a greener future, partnerships like this between Tata Power and VECV are crucial in driving the adoption of electric vehicles in the commercial sector. By combining innovative technologies, extensive infrastructure, and a commitment to sustainability, this collaboration aims to reshape the future of transportation in India, paving the way for a more efficient and environmentally friendly commercial vehicle ecosystem.

Note: This press release contains forward-looking statements based on current views and projections, which are subject to various risks and uncertainties that may cause actual results to differ from those expressed or implied.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited, has taken a significant step towards accelerating clean energy adoption in India. The company has signed a Memorandum of Understanding (MoU) with Bank of Baroda, one of India's leading public sector banks, to provide financing solutions for solar energy projects targeting Micro, Small and Medium Enterprises (MSME) and Commercial & Industrial (C&I) customers.

Key Highlights of the Partnership

• Bank of Baroda will finance solar projects up to 10 megawatts (MW) capacity through TPREL or its authorized channel partners.
• The financing scheme offers attractive interest rates starting from 7.75%.
• Customers can avail collateral-free loans up to ₹10 crore with CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) coverage.
• Flexible repayment tenure of up to 120 months is available.
• Reduced margin requirements starting from 20% and concessional processing fees are part of the offering.

TPREL's Solar Energy Achievements

TPREL has made significant strides in the solar energy sector:

• The company has completed over 2.49 lakh rooftop solar installations.
• The cumulative capacity of these installations exceeds 3.6 GWp.
• In the C&I segment, TPREL has served customers across various sectors including hospitality, automotive, aviation, education, HVAC, chemical, steel, electronics, and textiles.

Implications for Clean Energy Adoption

This partnership is expected to have far-reaching effects on clean energy adoption in India:

1. Easier Access to Finance: The collaboration aims to simplify the process for MSMEs and C&I customers to adopt solar energy by providing accessible financing options.

2. Cost Reduction for Businesses: By facilitating the transition to solar energy, this initiative is expected to help businesses reduce their operating costs.

3. Contribution to National Goals: The partnership aligns with India's target of achieving 500 GW of renewable energy capacity by 2030, supporting the nation's sustainability objectives.

4. Strengthening Green Financing: Bank of Baroda's involvement underscores the growing focus on green financing in India's banking sector, supporting the country's transition towards a low-carbon economy.

Tata Power's Clean Energy Commitment

The MoU further reinforces Tata Power's commitment to clean energy:

• Tata Power Company Limited owns a diversified portfolio of 15.9 GW spanning the entire power value chain.
• 7.0 GW of this portfolio, constituting 44% of its total capacity, is dedicated to clean energy generation.
• The company has set an ambitious goal of achieving Net Zero by 2045.

This strategic partnership between TPREL and Bank of Baroda represents a significant step towards democratizing access to solar energy for businesses across India. By combining TPREL's expertise in renewable energy with Bank of Baroda's financial prowess, the initiative is poised to accelerate India's clean energy transition, particularly among MSMEs and C&I customers who form a crucial segment of the country's economy.