Tata Power Solar collaborates with Union Bank for solar solutions at MSMEs

Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) has partnered with Union Bank of India (UBI) to assist the Micro, Small and Medium Enterprises (MSME) sector for undergoing the transition to solar solutions.

The association will be implemented through UBI’s solar scheme named ‘Union Solar’ that will be launched across the entire country to relieve the stress of higher power costs and grid constraints on MSMEs. The scheme also needs a minimum down payment of only 20 per cent of the project cost, making it very appealing to small and medium-sized businesses. These MSMEs can benefit from TPSSL’s dual services of solar EPC and term loan financing with industries being able to borrow up to Rs 80 million with best interest rates and no or minimal collateral.

Recently in September 2022, TTPSSL was awarded a letter of award of Rs. 6.12 billion for establishing a 100 MW ground-mounted solar project for SJVN Limited, a joint venture between the Government of India and the Government of Himachal Pradesh.