Hyderabad, Nov 22 (KNN) Bank of Baroda (Bank) has partnered with Aerem Solutions Pvt Ltd (ASPL) and its subsidiary, Aerem Finance Pvt Ltd (AFPL) for the financing of Solar Rooftop projects for captive use by MSMEs. 

Under the agreement the public sector bank will provide collateral-free loans at affordable rates to MSMEs for installation of captive solar rooftop projects.

This collaboration which was announced on Monday will encourage MSMEs to adopt solar energy, significantly reducing power bills and increasing profitability of the business as well as supporting the development and growth of the renewable energy market in India.

Speaking about the initiative, Dhrubashish Bhattacharya, Head – MSME Business, Bank of Baroda said, “Bank of Baroda has introduced a collateral-free scheme to finance solar rooftop projects for captive use by MSMEs and this arrangement with AEREM provides the Bank access to progressive MSMEs who are keen to employ solar energy, thereby reducing their carbon footprint and improving profitability.”

Anand Jain, Founder and CEO, AEREM said, “Our innovative SolarTech platform ensures quality rooftop solar systems, which combined with collateral-free finance enables significant reduction in power bills of MSMEs. We offer a fully digitalized, hassle-free and seamless experience to MSMEs.”

Aerem Solutions Pvt Ltd (ASPL) is an end-to-end platform that enables quality rooftop solar installations for MSMEs, while Aerem Finance Pvt Ltd (AFPL) is an NBFC registered with the Reserve Bank of India.  (KNN Bureau)