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Tata Power, SIDBI Join Hands for Rooftop Solar Financing for MSMEs

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Tata Power, SIDBI join hands for rooftop solar financing for MSMEsOn January 5, 2021, Tata Power partnered with Small Industrial Development Bank of India (SIDBI) to provide a finance scheme to Micro, Small & Medium Enterprises (MSMEs) engaged in rooftop solar segment.

  • The partnership will overcome the financing barriers for penetration of solar in the MSME sector.
  • This will support and encourage MSMEs to adopt sustainable energy for their businesses.
  • This rooftop solar financing is for the MSME customers of Tata Power for both off-grid and on-grid solar connections.

Key Features of Scheme:

–As a part of the scheme MSMEs will get financial aid without any collateral at an interest of less than 10%.

–It offers quick sanction and disbursement process viz. sanction time is 7 days while money disbursal in 4 days.

Additional Info:

–Tata Power is India’s largest integrated power company and, with installed/ managed capacity of 12,772 MW(MegaWatt).

–It has developed the country’s first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on supercritical technology.

Recent Related News:

i.On 11th September 2020, the Government of Rajasthan signed a Memorandum of Understanding (MoU) with SIDBI to develop its micro, small and medium enterprises (MSMEs) ecosystem.

ii.On September 2, 2020, SIDBI has inked MoU with Government of Maharashtra to develop the micro, small and medium enterprise (MSME) ecosystem in the state.

About Tata Power:
Chief Executive Officer (CEO) & Managing Director (MD)– Praveer Sinha
Headquarter– Mumbai, Maharashtra

About Small industrial Development Bank of India (SIDBI):

Establishment – 1990
Headquarters– Lucknow, Uttar Pradesh
Deputy Managing Director (MD)– Manoj Mittal, V Satya Venkata Rao