Tata Power Renewable Energy Partnered With Union Bank To Help MSMEs Switch To Solar

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Tata Power Renewable Energy Partnered With Union Bank To Help MSMEs Switch To Solar
18 Nov 2022
6 min read

News Synopsis

To help micro, small, and medium enterprises (MSME) in installing rooftop mounted solar systems, Tata Power Solar Systems, a subsidiary of Tata Power Renewable Energy, has partnered with the Indian public sector bank Union Bank of India. Customers of Tata Power who work in MSME industries can get loans up to Rs. 8 crores with no or little collateral. This partnership aims to increase green energy availability while assisting MSMEs in reducing their electricity expenses.

According to Union Bank, “The scheme also requires a minimum down payment of only 15-20% of project cost thus making it very attractive for MSMEs,” 

This is a part of the bank's pan-Indian "Union Solar" scheme, which was introduced to help MSMEs cope with rising electricity prices and grid constraints.

According to C M Minocha, chief general manager of Union Bank of India, “We are happy to associate with Tata Power 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. We expect to see impressive growth in the use of solar power in the MSME sector that will also make them more competitive in the domestic and international markets,”

MSMEs can take advantage of the dual services offered by Tata Power Solar's Solar EPC, which is financed by a term loan facility from the Union Bank of India.

 "In the last few years, the Indian MSME industry is experiencing a behavioral shift towards green energy solutions. We are committed to make TPREL a one-stop solution for the solar rooftop industry,”  Shivram Bikkina, head of rooftop at Tata Power Renewable Energy stated.

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