Tata Power, SIDBI join hands for rooftop solar financing for MSMEs

Topics Tata Power | SIDBI | MSME sector

Tata Power | Representational image | File

Tata Power on Tuesday announced its partnership with SIDBI to provide a finance scheme to the MSME players in the rooftop solar segment.

Tata Power said easy financing has been one of the barriers for penetration of solar in the MSME sector.

"In order to address this challenge, Tata Power has partnered with Small Industries Development Bank of India (SIDBI) to provide easy financing scheme for MSME customers in rooftop solar segment," it said.

Tata Power and SIDBI have joined hands to design a solar financing solution to help MSME players with financial aid without any collateral at an interest of less than 10 per cent. The scheme will also be complimented with a sanction time of seven days and disbursal of money in four days, the statement said.

The benefits of the scheme can be availed by both off-grid and on-grid solar connections, it said.

"We are pleased to partner with SIDBI for an innovative financing solution for our MSME customers. This will support and encourage MSME customers to adopt solar energy with affordable financing solution," Tata Power Managing Director Praveer Sinha said.

SIDBI Deputy Managing Director Manoj Mittal said "There was a need to innovate and pay attention to these (MSMEs) classes of customers to activate next leg of growth in rooftop solar market. Most MSMEs fail to attract developers due to smaller size or inadequate financial worthiness. The scheme will help the need of financing in the sector.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel