Tata Power, India’s largest integrated power company, announced its partnership with SIDBI (Small Industries Development Bank of India) to offer easy and affordable financing scheme for MSME customers in the rooftop solar segment. This scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener.
About the partnership:
- Easy and affordable financing has been one of the barriers for penetration of Solar in the MSME sector in the country.
- In order to address this challenge, Tata Power and SIDBI have joined hands to design a unique Solar financing solution for the MSME customers helping them switch to rooftop solar without any collateral at an interest rate less than 10%.
- This will also be complemented with a quick sanction and disbursement process (within 7 days with disbursement in 4 days).
- This financing scheme is exclusively for MSME customers of Tata Power for both off-grid and on-grid connections.
Important takeaways for all competitive exams:
- Small Industries Development Bank of India (SIDBI) set up on 2nd April 1990.
- SIDBI Headquarters: Lucknow, Uttar Pradesh.
- SIDBI Chairman & MD: Devendra Kumar Singh.
- Tata Power CEO: Praveer Sinha.
- Tata Power Headquarters: Mumbai, Maharashtra.