Tata Power, SIDBI Ink MoU To Fund MSMEs’ Solar Initiatives
Tata Power Solar Systems Limited (TPSSL), a company specialized in solar energy services, has signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to provide an easy financing option for micro, small and medium enterprises (MSMEs) for solar energy adoption. The partnership has also launched ‘The Big Solar Fest’ at the Global SME Finance Forum 2023, in Mumbai.
Under the scheme, enterprises that are willing to acquire Rooftop Solar PV Plants or associated services from Tata Power or its authorized Channel Partners across India will be provided financial backing by SIDBI.
The key aim of this strategic partnership is to encourage solar energy adoption among MSMEs. SIDBI will provide customized and innovative financing solutions to MSMEs through its 4E (End to End Energy Efficiency) schemes. The 4E solar financing scheme will ensure customers an array of compelling benefits, including competitive interest rates and loan limit to meet the requirement of the MSME sector.
‘The Big Solar Fest’, launched by TPSSL and SIDBI, will promulgate information on the most competitive financing offerings with zero percent processing fees for the upcoming festival season. The main goal of the initiative is to motivate MSMEs to embark on a green journey and commit to sustainable growth and clean energy solutions.
A simplified online application process has also been set up to help MSME consumers avail themselves of the scheme and contribute to the advancement of India’s national solar mission.
Highlighting the relevance of MSMEs, Dr. Praveer Sinha, CEO & MD of Tata Power, said, "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.”
He also urged the enterprises to make the most of 'The Big Solar Fest' and play a pivotal role in building a greener and more sustainable business ecosystem in the country.
TPSSL plays a pivotal role in empowering diverse industries and businesses to opt for non-conventional energy sources and reduce their CO2 footprints to achieve India's clean energy goals.
SIDBI is the principal financial institution for the promotion, financing and development of MSMEs and for co-ordination of the functions of the institutions engaged in similar activities.