Tata Power Solar Systems Limited (TPSSL), one of India’s largest integrated solar companies and a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to offer an easy financing option for MSMEs.
TPREL is a subsidiary of Tata Power Company Ltd, India's largest integrated power utility. MSMEs that are willing to opt for a Rooftop Solar PV Plant or associated services from Tata Power or its authorized Channel Partners across India will be financially supported by SIDBI under the scheme.
Under this strategic partnership, TPSSL and SIDBI will encourage solar energy adoption among micro, small and medium enterprises by offering customized & innovative financing solutions through SIDBI's 4E (End End Energy Efficiency) Scheme. The 4E solar financing scheme offers TPSSL’s customers an array of compelling benefits, including the most competitive interest rates and loan limits to meet the requirements of the MSME sector.
TPSSL and SIDBI have also announced the launch of The Big Solar Fest at the Global SME Finance Forum 2023 to offer zero processing fees for the upcoming festival season to encourage the widespread adoption of solar energy among MSMEs.
Earlier, the U.S. International Development Finance Corporation’s (DFC) Board of Directors approved the provision of up to USD 4,25,00,000 in financing in TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu, India. DFC is America’s development finance institution.
On Wednesday, shares of TPL surged 0.78 per cent to Rs 264.8 per share with an intraday high of Rs 267.5 and an intraday low of Rs 261. The stock gave multibagger returns of 380 per cent in just 3 years whereas BSE Sensex Index is up by 74 per cent.
Order Book Updates: The company order book as of June 30, 2023, stands at Rs 17,643 crore and the total capacity as of June 30, 2023, stands at 4,199 MW. The Rooftop Solar and Group Captive Order Book stands at Rs 2,504 crore.
Investors should keep an eye on this Large-Cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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