Union Bank of India (UBI) has tied up with Tata Power Solar Systems, an arm of Tata Power Renewable Energy, to help the micro, small and medium enterprises (MSME) sector switch to solar energy with low-cost project finance.
UBI will implement the partnership under its solar scheme called ‘Union Solar,’ which was launched on a pan-India level to relieve the MSMEs from the stress of higher power costs and grid exigencies.
“MSMEs can avail the dual services of solar EPC by Tata Power Solar Systems, financed through term loan facility by Union Bank of India, wherein industries can avail up to INR 8 crores of loan amount at best possible interest rates (exclusive for Tata Power customers) with nil or minimum collateral,” said the two companies in a joint statement.
The scheme also requires minimum down payment of only 15-20% of project cost thus making it very attractive for MSMEs.
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