The partnership between Tata Power Solar Systems Limited (TPSSL) and the Small Industries Development Bank of India (SIDBI) is aimed at facilitating easier financing options for Micro, Small & Medium Enterprises (MSMEs) interested in adopting solar energy solutions. The collaboration announced during the Global SME Finance Forum 2023 in Mumbai underscores the commitment to promoting solar energy adoption among MSMEs.
Dr. Bhagwat Karad, the Union Minister of State for Finance, witnessed the signing ceremony, with Dr. Praveer Sinha, CEO&MD of Tata Power and Sivasubramanian Ramann, Chairman & Managing Director of SIDBI, representing their respective organizations. The financial support provided through SIDBI’s 4E (End to End Energy Efficiency) Scheme offers competitive interest rates and appropriate loan limits for the MSME sector particularly for acquiring Rooftop Solar PV Plants and related services from Tata Power and its authorized channel partners across India.
In addition, TPSSL and SIDBI have introduced “The Big Solar Fest” initiative which aims to raise awareness about financing opportunities with zero processing fees for the upcoming festival season. This initiative seeks to drive sustainable growth in the MSME sector by encouraging the adoption of renewable energy solutions.
To streamline the process for MSMEs, an online application system has been established aligning with India’s national solar mission goals. Both Dr. Praveer Sinha and Shri Sivasubramanian Ramann emphasized the pivotal role of MSMEs in India’s economy and the significance of sustainable and renewable energy solutions for their advancement. It’s worth noting that this collaboration builds upon their previous successful joint initiative launched in 2021, focused on collateral-free solar financing.
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