Tata Power Subsidiary Signs MoU With SIDBI To Offer Solar Financing To MSMEs

The shares of Tata Power opened in green on the BSE on the signing of a Memorandum of Understanding (MoU) by a subsidiary with the Small Industries Development Bank of India (SIDBI) on Tuesday, September 12.

Tata Power Solar Systems Limited (TPSSL), one of India's largest integrated solar companies and a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), signed a MoU with SIDBI to offer an easy financing option for MSMEs.

"TPSSL and SIDBI has also announced the launch of The Big Solar Fest at the Global SME Finance Forum 2023 to offer zero processing fees for the upcoming festival season to encourage the widespread adoption of solar energy among MSMEs. The Big Solar Fest will spread awareness on the most competitive financing offerings with zero percent processing fees for the upcoming festival season. This additional incentive will serve to expedite the green journey of the MSME sector, reinforcing its commitment to sustainable growth and clean energy solutions," the company said in the filing.

The stock of Tata Power is currently trading at Rs 264.65 per share on the BSE, up 0.72% from the previous close. The stock is trading near its 52-week high of Rs 276.50 per share. Its 52-week low is Rs 182.45 per share. It gained 2.62% in the past 1 week. It gained 9.67% in the past 1 year.

Dr. Praveer Sinha, CEO & MD of Tata Power, said, "MSMEs are the backbone of India's economy. They operate across industrial segments and are major consumers of electricity. Our strategic collaboration with SIDBI will facilitate the 'ease of opting' renewable energy in the MSME sector and power its quest to become more efficient and globally competitive. I urge them to make the most of 'THE BIG SOLAR FEST' and play a pivotal role in building a greener and sustainable business ecosystem in the country."

An online application process has also been set up to help MSME consumers avail this scheme and contribute to the advancements of the country's national solar mission.

Shri Sivasubramanian Ramann, Chairman & Managing Director, SIDBI, said, "SIDBI has prioritised digitisation of credit access and green/climate financing. SIDBI leverages partnerships to reach the last mile. We are confident that our partnership with Tata Power Solar will result in MSMEs getting better quality products & services, which will help in MSMEs growth and decarbonisation journey. We envision working towards developing innovative and cost-effective financing options, especially for MSME customers. We are optimistic that this partnership and within that 'The BIG SOLAR FEST' will go a long way in accelerating the adoption of renewable energy, especially among the MSME sector."