According to reports, the bank through its extensive network across the southern states, would finance Solid Solar home systems, solar street light system, solar lantern and solar power plants to popularize their usage in rural and urban areas.
The partnership enables both the parties to leverage each other’s strengths and embark on a mission to provide clean energy solutions to off grid areas through easy finance options.
While Solid Solar will leverage Corporation Bank’s the vast network of branches in the southern part to facilitate easy financing on solar systems, it will allow the bank to enlarge its funding support to many more customers.
The usage of clean technology products such as solar home lighting systems, solar street lights and solar power plants not only reduces rural economy’s dependency on fossil fuel but also increases productivity and encourages entrepreneurship.
Speaking on the occasion, Shubhra Mohanka, Director, Solid Solar, said, “We consider this as landmark MoU for furthering our goal of sustainable development. 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 businesses.
According to S. Pattabiraman, General Manager, Corporation Bank, “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.”
Solid Solar has already tied up with NABARD for financing of its systems through regional rural banks and the collaboration with Corporation Bank will further strengthen company’s presence in the Southern states.
As electricity generation through non conventional sources includes high cost, financial aid provided by Corporation Bank will not only promote off grid application of solar energy but also boost sustainable business models.