Tata Power Solar, UBI partner for rooftop solar financing for MSMEs | Daily News Byte

The purpose of this partnership is to improve access to green energy and save electricity costs, thereby making MSMEs more profitable.

“The association will be implemented under UBI’s solar project called ‘Union Solar’, which has been launched at a pan-India level to relieve MSMEs from the pressure of higher energy costs and grid exigencies,” the company said in a statement.

MSMEs can get two-way Solar EPC services by TPSSL, get financing through loan facility by UBI, in which the industry can get maximum benefits. ₹ 8 crore of loans at the best possible interest rates with Nil or minimum collateral.

“This project also requires a minimum down payment of only 20% of the project cost making it very attractive for MSMEs. “Solar solutions will help transform the MSME sector by reducing dependence on the grid and giving independent power producers more control over their production and output,” the company said.

The move is expected to achieve various goals such as creating ease of doing business for MSMEs, creating local industries and entrepreneurs that will contribute to the country’s larger economy, and championing the “Make in India” initiative.

This kind of cooperation encourages all sectors to turn to green energy while encouraging the country to accept Acting on green quickly, is making the local/rural small scale industries achieve stable and achieve The vision of Aatmanirbhar Bharat.

“In recent years, India’s MSME industry is experiencing a behavioral shift. Towards a green energy solution. Being a pioneer in the renewable sector, TPREL is pleased to be part of and lead this transformation. We are committed to making TPREL a one-stop solution for the solar roof industry, where customers can address all their queries, including financial concerns. By partnering with Union Bank of India, we hope to make this partnership a benchmark for the industry to emulate and take India’s green energy success journey to greater heights,” said Shivram Bikkina, Chief Rooftop, TPREL.

“We believe that, in Tata Power, we have found a natural ally in our efforts to help small businesses improve their access to green energy through reliable, affordable and sustainable solar solutions. Our Solar Union project is specifically designed to address the needs of the MSME sector. By addressing the financial challenges, we expect an impressive growth in the use of solar energy in the MSME sector which will make them more competitive in the domestic and international markets,” said CM Minocha, Chief General Manager, Union Bank of India.

TPSSL, a subsidiary of Tata Power has been India’s leading rooftop solar EPC player for the past 8 years. It has a portfolio of more than 10 GWp of ground-based solar projects and more than 1.2 GW of rooftop and distributed generation projects across the country to date.

TPSSL is also one of the largest solar manufacturers in India, operating a world-class manufacturing unit in Bengaluru, with a capacity of 1,135 MW of modules and cells.