New Delhi: State-run Bank of Baroda has signed a Memorandum of Understanding (MoU) with Tata Power Renewable Energy Limited (TPREL) to provide innovative solar financing solutions tailored for Micro, Small and Medium Enterprises (MSMEs) and Commercial & Industrial (C&I) customers. The partnership aims to promote the adoption of clean and sustainable energy through accessible and affordable financing options.
Key Highlights of the Partnership
The MoU, signed by Madhur Kumar, Chief General Manager, MSME Banking, Co-Lending & SCF Department at Bank of Baroda, and Mr. Shivram Bikkina, Chief of Rooftop Solar Business & EV Charging Business at TPREL, offers:
- Collateral-free loans up to Rs 10 Crore for solar energy projects
- Attractive interest rates starting at 7.75%
- Flexible repayment tenure up to 120 months
- Relaxed margin requirements beginning at 20%
- Concessional processing fees
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Pan India coverage, ensuring accessibility across the country
The signing ceremony was witnessed by Mr. Dhrubashish Bhattacharya, MSME Banking & Co-lending, Bank of Baroda, and Ms. Nikita Kanodia, Head of Customer Financing, Business Development, Business Excellence & Ethics at Tata Power Renewable Energy Limited.
Driving India’s Green Energy Transition
This strategic collaboration underscores the commitment of both Bank of Baroda and Tata Power Renewable Energy to accelerate India’s transition towards green energy. By facilitating affordable financing, the partnership supports MSMEs and C&I customers in reducing their operational costs while contributing significantly to a low-carbon economy.
Making Renewable Energy More Accessible
With flexible terms and reduced financial barriers, the scheme is designed to make renewable energy projects feasible and attractive for businesses across India. The partnership reflects a shared vision to promote sustainable development and environmental responsibility in the corporate sector.
About Bank of Baroda
Bank of Baroda, a leading public sector bank, serves over 150 million customers through a strong global presence spanning 17 countries. Known for its customer-centric products and innovation, the bank continues to expand digital banking solutions while delivering competitive retail, corporate, and international banking services.
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