Tata Power with SIDBI to finance MSMEs in rooftop solar segment

Mumbai, Jan 5 (KNN) Tata Power has announced a partnership with Small Industries Bank of India (SIDBI) to provide an affordable financing scheme for Micro, Small and Medium Enterprises (MSME) customers in the rooftop solar segment.

The scheme aims to empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow, said India's largest integrated power company.

Manoj Mittal, Deputy Managing Director of SIDBI on Tuesday 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," he added.

Green energy has gained momentum in sectors like MSME, said Praveer Sinha, CEO and Managing Director of Tata Power adding, ''We are pleased to partner with SIDBI for an innovative financing solution for our MSME customers."

Tata Power and SIDBI will provide a financing solution without any collateral at an interest rate of less than 10 per cent. This will be complimented with a sanction within seven days and disbursement in four days.

The scheme is for MSME customers of Tata Power for both off-grid and on-grid connections.