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Tata Power partners with SIDBI to offer affordable & collateral-free financing for Rooftop Solar for MSMEs Consumers
Tata Power today, January 5, 2021, announced its partnership with Small Industries Development Bank of India
Tata Power today, January 5, 2021, announced its partnership with Small Industries Development Bank of India (SIDBI) to offer easy and affordable financing scheme for MSME customers in the rooftop solar segment. The company in a statement has said, the scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow.
It further said, easy and affordable financing has been one of the barriers for penetration of Solar in the MSME sector in the country. To address this challenge, Tata Power and SIDBI have joined hands to design a unique Solar financing solution for the MSME customers helping them switch to rooftop solar without any collateral at an interest rate less than 10 per cent. This will also be complemented with a quick sanction and disbursement process (within 7 days with disbursement in 4 days). This financing scheme is exclusively for MSME customers of Tata Power for both off-grid and on-grid connections.
Mr. Praveer Sinha, CEO & MD, Tata Power said, "Green Energy has gained momentum in the country in sectors like MSME. We are pleased to partner with SIDBI for an innovative financing solution for our MSMEs customers. This will support and encourage MSME customers to adopt solar energy with an affordable financing solution."
Mr. Manoj Mittal, Deputy Managing Director, SIDBI Said, "Most MSMEs fail to attract developers due to smaller size or inadequate financial worthiness. There is a need to innovate and pay attention to these classes of consumers to activate the next leg of growth in the rooftop solar market. I am sure this scheme will help to address the need for financing for this segment. Partnering with Industry leader Tata Power Solar is certainly going to encourage the flow of credit for this national priority"
Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/ managed capacity of 12,772 MW. A pioneer in the field, it has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, trading and coal & freight logistics. With nearly 2.6GW of renewable energy assets in solar and wind accounting for 30 per cent of the company's portfolio, Tata Power is a leader in clean energy generation.