Tata Power Renewable Energy Limited (TPREL) has signed a memorandum of understanding (MoU) with Bank of Baroda to enable financing solutions for micro small and medium enterprises (MSME) and commercial and industrial (C&I) customers installing solar projects.
Under the partnership, Bank of Baroda will offer loans for solar projects of up to 10 MW capacity through TPREL or its authorised partners. Customers will benefit from interest rates starting at 7.75 per cent, collateral-free loans up to Rs 100 million under the credit guarantee fund trust for micro and small enterprises scheme, and flexible repayment terms up to 120 months.