Tata Power unit, UBI partner to help MSMEs adopt solar rooftop
It will be implemented through UBI’s “Union Solar” scheme.
Tata Power Solar Systems, a subsidiary of Tata Power Renewable Energy, tied up with the Union Bank of India to aid micro, small, and medium enterprises (MSMEs) to shift to the solar rooftop to improve green energy access and lower electricity costs.
In a statement, Tata Power said the partnership will be under the bank’s solar scheme called “Union Solar” which aimed to alleviate MSMEs from the stress of higher power costs and grid exigencies.
MSMEs may install the green resources by tapping Tata Power’s Solar EPC dual services which will be funded through UBI’s term loan facility which could be availed for up tp INR8 crore “at the best possible interest rates” which is exclusive for Tata Power customers, with nil or minimum collateral.
“Solar solutions will help bring a turnaround in MSME sector by reducing their grid dependency and making them independent power producers with greater control over their productivity and output,” Tata Power said.
“This move is expected to achieve various goals such as enabling ease of doing business for the MSMEs, creating a local industry and entrepreneurs who will contribute to the larger economy of the country, and championing 'Make in India' initiative,” it added.