Tata Power to facilitate solar rooftop adoption in MSMEs with UBI

Tata Power Solar Systems (TPSSL), a wholly owned subsidiary of Tata Power Company 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. It 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.

TPSSL, a subsidiary of Tata Power is one of the largest solar manufacturers in India; it operates a world-class manufacturing unit in Bangalore, with a production capacity of 1,135 mega watt of modules and cells.

Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,002 MW The company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

The company's consolidated net profit surged 94.32% to Rs 819.09 crore on 43.02% jump in revenue from operations to Rs 14,030 crore in Q2 FY23 over Q2 FY22.

The scrip shed 0.53% to currently trade at Rs 233.40 on the BSE.

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