TPSSL signs MoU with SIDBI to provide funds to MSMEs for solar adoption

Tata Power Solar Systems Limited (TPSSL) and Small Industries Development Bank of India (SIDBI) have signed MoU to provide easy financing solutions to micro, small and medium enterprises (MSMEs) for solar adoption. As a part of the SIDBI’s end-to-end energy efficiency (4E) scheme, SIDBI will provide financial assistance to MSMEs who wish to choose rooftop solar photovoltaic plants or related services from Tata Power or its authorised channel partners throughout India. TPSSL and SIDBI will also stimulate adoption of solar power among MSMEs by providing customised and new financing options through SIDBI’S 4E scheme. The scheme also provides TPSSL’s users wide range of benefits, advantages, together with the most affordable interest rates and loan amounts possible to satisfy the needs of the MSME sector.

In order to promote the wider use of solar energy among MSMEs, TPSSL and SIDBI have also introduced the Big Solar Fest at the Global SME Finance Forum 2023. This festival will offer zero processing fees during the upcoming festival season. The Big Solar Fest will raise understanding of the most competitive financing options for the forthcoming festival season. The MSME sector’s transition to sustainability will be accelerated by this additional incentive, which will also strengthen its dedication to renewable energy and sustainable growth.

In April 2023, Credit Fair partnered with TPSSL to provide cheap financing alternatives for solar rooftop installations to provide collateral-free financing solutions with adjustable tenures of up to 60 months as part of the cooperation.