Tata Power Solar and SIDBI also launched The Big Solar Fest to encourage the adoption of solar energy among MSMEs with zero per cent processing fees for the upcoming festive season.
Solar energy adoption for MSMEs: Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TREPL), the energy solutions wing of the Tata Group, has partnered with the Small Industries Development Bank of India (SIDBI), the principal financial institution for MSMEs in India, to provide loans to MSMEs looking to install rooftop Solar PV plants from Tata Power or its authorised channel partners.
The two entities signed a memorandum of understanding for the same at the Global SME Finance Forum 2023 in Mumbai on Tuesday. Dr. Praveer Sinha, CEO & MD of Tata Power, said, “MSMEs are the backbone of India’s economy. They operate across industrial segments and are major consumers of electricity. Our strategic collaboration with SIDBI will facilitate the ‘ease of opting’ renewable energy in the MSME sector and power its quest to become more efficient and globally competitive.”
Tata Power Solar and SIDBI also launched The Big Solar Fest to encourage the adoption of solar energy among MSMEs with zero per cent processing fees for the upcoming festive season. The initiative has set up an online application process for MSMEs to avail the scheme benefits of the scheme.
Sivasubramanian Ramann, Chairman and managing director, SIDBI, said, “We are confident that our partnership with Tata Power Solar will result in MSMEs getting better quality products & services, which will help in MSMEs growth and decarbonisation journey. We are optimistic that this partnership and within that ‘The BIG SOLAR FEST’ will go a long way in accelerating the adoption of renewable energy, especially among the MSME sector.”
Tata Power Solar offers solar energy solutions from installation to operational maintenance and has so far provided 11.5 GWp ground-mounted solar capacity, over 1.7 GWp rooftop-mounted solar capacity systems, and more than 1 lakh solar water pumps.
India’s solar power generation capacity has surpassed 70,000 Megawatt, according to a written reply by Minister of Power R.K. Singh during the monsoon session in the Lok Sabha. Moreover, according to the International Energy Agency, India’s renewable energy capacity will reach 174 GW this year.