Mumbai, Sept. 27 -- Tata Power Renewable Energy, a subsidiary of Tata Power, officially announced here today that it has signed a Memorandum of Understanding (MoU) with Bank of Baroda (BoB) to finance solar power projects for MSME customers.
In a stock exchange filing, Tata Power stated that under the deal, BoB will provide loans to MSMEs to purchase solar power equipment and set up projects of up to 10 MW through Tata Power Renewable Energy or its authorised channel partners.
The initiative aims to help MSMEs adopt renewable energy with greater ease and reduce operating costs.
Under the agreement, companies opting for solar power projects from Tata Power Renewable Energy will be eligible for collateral-free loans of up to Rs 10 crore un...