Tata Power Company shares were up by 0.5 per cent after the integrated solar company and a subsidiary of Tata Power Renewable Energy Ltd (TPREL) inked a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to provide accessible financing options to micro, small, and medium enterprises (MSMEs) looking to adopt solar solutions.

Under the scheme, MSMEs opting for Rooftop Solar PV Plants or associated services from Tata Power or its authorised channel partners across India will receive financial support from SIDBI. The MoU was signed in the presence of the Minister of State for Finance, Dr Bhagwat Karad, during the Global SME Finance Forum 2023 in Mumbai. Dr Praveer Sinha, CEO and MD, Tata Power, and Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI, conducted the exchange.

This collaboration aims to promote solar energy adoption among MSMEs by providing tailored and innovative financing solutions through SIDBI’s 4E (End-to-End Energy Efficiency) Scheme, which offers competitive interest rates and flexible loan limits, catering to the specific needs of the MSME sector.

Additionally, TPSSL and SIDBI have introduced ‘The Big Solar Fest’ at the Global SME Finance Forum 2023, offering zero processing fees during the upcoming festival season. This initiative aims to drive awareness about competitive financing options with no processing fees, further accelerating the transition towards green energy in the MSME sector.

The shares were up by 0.48 at 11.30 am on the BSE.