HT BureauGUWAHATI, Nov 16: Union Bank of India (UBI) has tied up with Tata Power Solar Systems Limited (TPSSL), to help the 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 MSMEs from the stress of higher power costs and grid exigencies. MSMEs can avail of the dual services of Solar EPC by TPSSL, financed through a term loan facility by Union Bank of India, wherein industries can avail up to Rs 8 crore of the loan amount at the best possible interest rates (exclusive for Tata Power customers) with nil or minimum collateral.
CM Minocha, chief general manager, Union Bank of India said, “We are happy to associate with Tata Power in our efforts to help small businesses improve their access to green energy through the solar solution that is reliable, affordable, and self-paying in the long run. Our Union Solar scheme is specifically designed to address the needs of the MSME sector. By addressing the financing challenge, we expect to see an impressive growth in the use of solar power in the MSME sector that will also make them more competitive in the domestic and international markets.”
Shivram Bikkina, chief rooftop, TPREL, added, “In the last few years, the Indian MSME industry is experiencing a behavioral shift towards green energy solutions. Being a pioneer in the renewable sector, TPREL is happy to be part of and lead this transition. We are committed to making TPREL a one-stop solution for the solar rooftop industry, where customers can resolve all their queries, including financing concerns. By joining hands with Union Bank of India, we look forward to making this collaboration a benchmark for the industry to emulate and take India’s green energy success journey to greater heights.”