Tata Power, SIDBI to finance MSMEs in rooftop solar segment
Tata Power on Tuesday announced a partnership with Small Industries Bank of India (SIDBI) to provide affordable financing scheme for MSME customers in the rooftop solar segment.
The scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow, said India’s largest integrated power company. Easy and affordable financing has been one of the barriers for penetration of solar energy in the MSME sector.
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. Green energy has gained momentum in sectors like MSME, said Praveer Sinha, CEO and Managing Director of Tata Power.
“We are pleased to partner with SIDBI for an innovative financing solution for our MSME customers,” he said in a statement.
