KVG Bank, MECWIN Technologies sign a MoU to finance solar pumps

Karnataka Vikas Grameena Bank (KVG Bank) has signed a MoU with MECWIN Technologies Limited, a Bengaluru-based company to finance the introduction of solar-powered pump sets.

In August 2021, Gautam Solar, one of India’s leading solar manufacturers, installed solar pumps of 7.5 and 10 HP capacity at 1,500 different locations in Haryana under the Pradhan Mantri Kusum Yojana. The government has also set a target of installing 22,000 standalone solar pumps in Haryana within the first year of the scheme. The scheme was launched by the Ministry of New and Renewable Energy in 2019.  Under this scheme, the farmers only have to bear 40 per cent of the pump’s cost, while the central and state governments subsidise the remaining 60 per cent for solar pumps that have a capacity of up to 10 HP.