The Business Bytes
TBB BUREAU
MUMBAI, SEPT 13, 2023
Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TREPL), the energy solutions wing of the Tata Group, has partnered with the Small Industries Development Bank of India (SIDBI), the principal financial institution for MSMEs in India, to provide loans to MSMEs looking to install rooftop Solar PV plants from Tata Power or its authorised channel partners.
The two entities have signed a memorandum of understanding for the same, Tata power said in a press communique.
“MSMEs are the backbone of India’s economy. They operate across industrial segments and are major consumers of electricity. 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,” said Praveer Sinha, CEO & MD of Tata Power.
Tata Power Solar and SIDBI also launched The Big Solar Fest to encourage the adoption of solar energy among MSMEs with zero per cent processing fees for the upcoming festive season. The initiative has set up an online application process for MSMEs to avail the scheme benefits of the scheme.
Sivasubramanian Ramann, Chairman and Managing Director, SIDBI, said, “We are confident that our partnership with Tata Power Solar will result in MSMEs getting better quality products & services, which will help in MSMEs growth and decarbonisation journey. We are optimistic that this partnership and within that ‘The BIG SOLAR FEST’ will go a long way in accelerating the adoption of renewable energy, especially among the MSME sector.”
Tata Power Solar offers solar energy solutions from installation to operational maintenance, and has so far provided 11.5 GWp ground-mounted solar capacity, over 1.7 GWp rooftop-mounted solar capacity systems, and more than 1 lakh solar water pumps.
