TataPower, Union Bank of India partner to help MSMEs adopt solar solutions

Tata Power Solar Systems Limited (TPSSL), a fully-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has forged a partnership with Union Bank of India (UBI), to help the micro, small and medium enterprises (MSME) sector shift to solar solutions.

The goal of the partnership is to enhance access to green energy and reduce the cost of electricity for increasing the profits of MSMEs.

According to Tata Power, the program will be implemented under Union Bank of India‘s solar scheme — Union Solar, which was introduced on a pan-India level to ease the MSMEs from the stress of increased power costs and grid pressures.

C. M. Minocha — Union Bank of India Chief General Manager said: “We believe, in Tata Power, we have found a natural ally in our efforts to help small businesses improve their access to green energy through the solar solution that is reliable, affordable and self-paying in the long run.

“Our Union Solar scheme is specifically designed to address the needs of the MSME sector. By addressing the financing challenge, we expect to see an impressive growth in the use of solar power in MSME sector that will also make them more competitive in the domestic and international markets.”

TataPower, Union Bank of India partner to help MSMEs adopt solar solutions. Photo courtesy of Ameyajkamat/Wikimedia Commons.

Tata Power said that MSMEs can make use of the dual services of Solar EPC by TPSSL, financed via term loan facility by Union Bank of India, under which industries can get up to INR 8 crores of loan amount at best possible interest rates (exclusive for Tata Power customers) with zero or minimum collateral.

The scheme also needs minimum down payment of 20% of project cost, said Tata Power.

Shivram Bikkina — Tata Power Renewable Energy Limited Rooftop Chief said: “In the last few years, Indian MSME industry is experiencing a behavioural shift towards green energy solutions. Being a pioneer in the renewable sector, TPREL is happy to be part and leading this transition.

“We are committed to make TPREL a one-stop solution for the solar rooftop industry, where customers can resolve all their queries, including financing concerns. By joining hands with Union Bank of India, we look forward to making this collaboration a benchmark for the industry to emulate and take India’s green energy success journey to greater heights.”