New Delhi, Nov 17 (KNN) Tata Power Renewable Energy’s subsidiary Tata Power Solar Systems has partnered with Union Bank of India to provide a term loan to MSMEs to set up rooftop mounted solar units.

With nil or minimum collateral Tata Power’s customers from MSME industries can avail loans up to Rs 8 crore.

The partnership aims to help MSMEs save on electricity costs and to improve access to green energy.

The public sector bank said that the scheme also requires a minimum down payment of only 15-20% of project cost thus making it very attractive for MSMEs.

This is a part of the bank’s solar scheme called 'Union Solar' which was launched at a pan-India level, to relieve the MSMEs from the stress of higher power costs and grid exigencies.

Commenting on the association, C M Minocha, chief general manager, Union Bank of India said, “We are happy to associate with Tata Power in our efforts to help small businesses improve their access to green energy through the solar solution that is reliable, affordable and self-paying in the long run.”

“We expect to see an impressive growth in the use of solar power in the MSME sector that will also make them more competitive in the domestic and international markets,” said Minocha.

Shivram Bikkina, chief- rooftop, Tata Power Renewable Energy said that the Indian MSME industry is experiencing a behavioural shift towards green energy solutions in the last few years.

“We are committed to make TPREL a one-stop solution for the solar rooftop industry,” he said.  (KNN Bureau)