Tata Power Company's arm ties up with Union Bank of India

India, Nov. 16 -- Tata Power Company's step down wholly owned subsidiary -- Tata Power Solar Systems (TPSSL) has tied up with Union Bank of India (UBI) to help MSME (Micro, Small and Medium Enterprises) sector switch to solar solutions. The objective of this collaboration is to improve access to green energy and save on the cost of electricity, thus making MSMEs more profitable.

The association will be implemented under UBI's solar scheme called 'Union Solar', which was launched on a pan-India level to relieve the MSME's from the stress of higher power costs and grid exigencies. MSMEs can avail the dual services of Solar EPC by TPSSL, financed through term loan facility by UBI, wherein industries can avail up to Rs 8 crore of loan amount at best possible interest rates (exclusive for Tata Power customers) with nil or minimum collateral. The scheme also requires minimum down payment of only 20% of project cost thus making it very attractive for the MSME.

Collaborations like these, which encourage industries to transition to green energy while driving the country to rapidly adopt green practices, are making sustainable power attainable for local/ rural small-scale industries and to realize the vision of Aatmanirbhar Bharat.

Tata Power Company is India's Largest Integrated Power Company. Published by HT Digital Content Services with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htlive.com