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26 May, 2023

Now MSMEs can get up to Rs 3 cr loan to install solar panels at premises; see Yes Bank’s scheme details

Sustainability for MSMEs: Private lender Yes Bank on Monday launched a new lending programme YES KIRAN for MSME manufacturers seeking to install solar panels at their premises. The programme aims to support the adoption of sustainable energy practices by small and mid-sized enterprises while also bringing in cost efficiency by helping them curtail their expenses towards power and fuel, the bank said.

The lender said it has also made strategic associations with solar panel companies such as Tata Power Solar Systems, Goldi Solar, Loom Solar, and Panasonic Solar Power System to help MSMEs transition to renewable energy solutions.

Through the programme, Yes Bank “aim to bring hassle-free financial solutions that are focused at encouraging MSMEs to adopt solar energy-led best practices and help them achieve their sustainability goals by freeing up more funds for their business-related requirements,” said Dhavan Shah, Country Head – SME Banking, Yes Bank in a statement.
.MSMEs will be able to reduce their operational cost, get a flexible loan tenure at competitive interest rates and end-to-end support from Yes Bank’s team through the entire cycle of planning to implementation, the bank said. 

According to the programme’s details, a term loan of up to Rs 3 crore for six years with a moratorium of six months will be provided for ground/rooftop mounted solar panel installation for captive electricity consumption of manufacturers. 

The initiative comes in the backdrop of India’s G20 vision of achieving a target of over 50 per cent of energy production from non-fossil fuel-based renewable sources by 2030. 

Power, New & Renewable Energy Minister R.K. Singh during the first Energy Transitions Working Group (ETWG) Meeting in Bengaluru in February had said that India has been ranked amongst the top five performing countries in the Climate Change Performance Index.  

Moreover, the country’s per capita greenhouse gas emissions are far below the world average of 6.3 tCO2e (tonne carbon dioxide equivalent) in 2020 while various energy-saving schemes of the government led to 267.9 million tonnes of CO2 reduction per year, resulting in an estimated cost savings of $18.5 Billion, Singh had said. 


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