Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) has tied up with Union Bank of India (UBI) – to help MSME (Micro, Small and Medium Enterprises) sector switch to solar solutions. The objective of this collaboration is to improve access to green energy and save on the cost of electricity, thus making MSMEs more profitable.
The association will be implemented under UBI’s solar scheme called ‘Union Solar’, which was launched on a pan-India level to relieve the MSME’s from the stress of higher power costs and grid exigencies. MSMEs can avail the dual services of Solar EPC by TPSSL, financed through term loan facility by UBI, wherein industries can avail up to Rs. 8 crore of loan amount at best possible interest rates (exclusive for Tata Power customers) with nil or minimum collateral. The scheme also requires minimum down payment of only 20% of project cost thus making it very attractive for the MSME.
Solar solutions will help bring a turnaround in MSME sector by reducing their grid dependency and making them independent power producers with greater control over their productivity and output. This move is expected to achieve various goals such as enabling ease of doing business for the MSMEs, creating a local industry and entrepreneurs who will contribute to the larger economy of the country, and championing ‘Make in India’ initiative.
Collaborations like these, which encourage industries to transition to green energy while driving the country to rapidly adopt green practices, are making sustainable power attainable for local/ rural small-scale industries and to realize the vision of Aatmanirbhar Bharat.