Bank of Baroda collaborates with Aerem for rooftop solar projects

Bank of Baroda has collaborated with Aerem Solutions Private Limited (ASPL) and its subsidiary, Aerem Finance Pvt Ltd (AFPL), to fund solar rooftop projects for captive use by Micro, Small and Medium Enterprises (MSMEs). The agreement calls for the public sector bank to make collateral-free loans to MSMEs at low interest rates for the installation of captive solar rooftop projects.

Aerem Solutions enables rooftop solar installations for MSMEs, whereas Aerem Finance is a Reserve Bank of India-registered NBFC. Bank of Baroda has launched a collateral-free scheme to finance solar rooftop projects for captive use by MSMEs, and this agreement with AEREM gives the bank access to progressive MSMEs eager to use solar energy, reducing their carbon footprint and increasing profitability.

Recently in November 2022, Tata Power Solar Systems Limited, a wholly owned subsidiary of Tata Power Renewable Energy Limited, partnered with Union Bank of India to assist the MSME sector in undergoing the transition to solar solutions.

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