Tata Power Solar Systems Limited (TPSSL) has tied up with Union Bank of India (UBI) to help micro, small and medium enterprises (MSME) 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 the dual services of solar engineering, procurement and construction by TPSSL, financed through term loan facility by UBI, wherein industries can avail up to Rs 80 million 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 per cent of project cost thus making it very attractive for the MSME.