According to reports, Corporation Bank will now give micro-finance loans in southern state for installation of solar home systems, lightings, street light systems and solar based power plants, only if it manufactured by ‘Solid Solar’, a sister organization of Gautam Polymers.
On Sunday the bank entered into a MoU with Solid Solar to boost non-renewable energy sector. The solar appliance manufacturer will leverage Corporation Bank’s the vast network of branches in the all the five states down South to facilitate easy financing on solar systems, it will allow the bank to enlarge its funding support to many more customers also.
Shubhra Mohanka, Director, Solid Solar said, “Contrary to large Mega Watt solar power plants, there is a need of innovative, low maintenance, cost effective and long lasting solar power solutions that can be used for residential purposes, shops or other small business. The easy financing scheme made available for both residential and commercial customers by Corporation Bank will significantly reduce the upfront out -of -pocket costs making the benefits of solar energy system a reality. Due to this scheme offered by Corporation bank, the consumers can now look forward to purchase solar products at affordable prices and reduce their dependency on fossil fuel to great extent”.
“At Corporation Bank we are constantly looking at introducing new products to not just expand our credit reach but also promote our long terms goal of sustainable living. This new venture gives us the opportunity to serve not just our existing customers but tap newer ones in off grid areas through an easy financing scheme. We believe this initiative will certainly drive the adoption and usage of solar energy for residential and commercial needs, considering the acute conventional power shortage in such areas,” said S Pattabiraman, General Manager, Corporation Bank.
Solid Solar has already tied up with NABARD for financing of its systems through regional rural banks.