Union Bank, Tata Power Renewable join hands to help MSMEs switch to solar
Nov 17, 2022, 12:51 IST
- As a part of the tie-up, MSMEs who are Tata Power customers can avail loans up to ₹8 crore, with nil or minimum collateral.
- The scheme requires a minimum down payment of only 15-20% of project cost, says Union Bank.
- This tie-up is a part of UBI’s solar scheme called Union Solar.
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Indian public sector bank Union Bank of India has tied up with Tata Power Solar Systems, a subsidiary of Tata Power Renewable Energy, to help the micro, small and medium enterprises (MSME) set up rooftop mounted solar units through a term loan.MSME industries who are Tata Power customers can avail loans up to ₹8 crore with nil or minimum collateral.
The objective of this collaboration is to improve access to green energy, and help MSMEs save on electricity costs.
“The scheme also requires a minimum down payment of only 15-20% of project cost thus making it very attractive for MSMEs,” informs Union Bank.
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.
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MSMEs can avail the dual services of Solar EPC by Tata Power Solar, financed through term loan facility by Union Bank of India.
"In the last few years, the Indian MSME industry is experiencing a behavioural shift towards green energy solutions. We are committed to make TPREL a one-stop solution for the solar rooftop industry,” said Shivram Bikkina, chief- rooftop, Tata Power Renewable Energy.
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