Tata Power unit, SIDBI to offer easy financing for MSMEs’ solar adoption
It is offered through SIDBI’s End-to-End Energy Efficiency Scheme.
Tata Power Solar Systems and the Small Industries Development Bank of India (SIDBI) signed a Memorandum of Understanding (MOU) to offer “customised and innovative financing solutions” that will attract micro, small and medium enterprises (MSMEs) to adopt solar energy.
In a statement, Tata Power said MSMEs that want to install rooftop solar or associated services from Tata Power or its authorised channel partners in India will be supported by SIDBI.
They could avail the financing solutions through SIDBI’s 4E or End-to-End Energy Efficiency Scheme which will offer its customers various benefits including competitive interest rates ald loan limit to meet the MSME sector requirement.
Aside from this, the parties also launched “The Big Solar Fest” which aims to spread awareness of the most competitive financing offering without processing fees which will serve as an additional incentive to accelerate the MSMEs’ clean energy adoption.
"MSMEs are the backbone of India's economy. They operate across industrial segments and are major consumers of electricity,” Dr. Praveer Sinha, CEO & MD of Tata Power.
“Our strategic collaboration with SIDBI will facilitate the ‘ease of opting’ renewable energy in the MSME sector and power its quest to become more efficient and globally competitive,” Sinha added.