Tata Power subsidiary sign MoU with ESAF Small Finance Bank

Kochi: Tata Power Renewable Microgrid Limited (TPRMG), a wholly owned subsidiary of the Tata Power Company (TPC), a prominent player in India's Solar rural microgrid sector, has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank, a Social Bank with a priority to impact and execute Environmental Social Governance (ESG), to drive the adoption of clean and efficient energy solutions in rural India.

The partnership, focusing on rural communities, aims to empower them and entrepreneurs by promoting renewable energy-based solutions, providing affordable financing options, and fostering energy entrepreneurship. ESAF Small Finance Bank operates in 24 States and 2 UTs of India, serving over 9.1 million customers, mainly from unserved and underserved geographies. 

Under this collaboration, TPRMG and ESAF BANK will work together to enhance accessibility to sustainable energy solutions for rural communities and entrepreneurs. The alliance aims to promote energy entrepreneurship, ensure trained professionals support clean energy initiatives in energy-deficit areas, and contribute to the transition to renewable energy. ESAF Small Finance Bank will offer affordable financing schemes to rural micro-entrepreneurs, enabling them to adopt renewable energy solutions. TPRMG will provide expertise in designing, supplying, and installing renewable energy solutions to facilitate a seamless transition to clean energy. 

Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel

Read Also : Shri Sanjay Gaur to join as part-time Non-Official (Independent) Director on IRCTC Board

Furthermore, TPRMG will drive the deployment of innovative renewable energy technologies to provide reliable and affordable energy solutions to rural micro-entrepreneurs. Meanwhile, ESAF Small Finance Bank will financially support such projects. Both organizations will collaborate on public policy advocacy initiatives aligned with India's Net Zero plans, reinforcing their focus on ESG-driven growth.

Commenting on the same, Shri Manoj Gupta, CEO of TP Renewable Microgrid, stated, "Our partnership with ESAF Small Finance Bank marks a significant step towards enabling rural communities access to clean, efficient and affordable renewable energy. This partnership aims to enhance energy accessibility, promote skilling & entrepreneurship, and drive India's renewable energy transition at the grassroots level".

Speaking about this collaboration, Shri K. Paul Thomas, MD & CEO of ESAF Small Finance Bank, said, "We are proud to collaborate with TPRMG to empower unserved or underserved rural areas and enhance energy security in the country, and support micro-entrepreneurs with sustainable energy solutions. By offering affordable financing options and supporting the deployment of clean energy technologies, we strive to enhance livelihoods and contribute to India's green energy goals". 

Read Also : CPCL finally gets interim stay on impugned order from TNPCB

This strategic alliance between TPRMG and ESAF Small Finance Bank is set to create a meaningful impact in rural India by facilitating access to energy-efficient decentralized renewable technologies and solutions for rural entrepreneurs. Thus, it will promote economic growth and contribute to the country's carbon neutrality objectives.

Shri Manoj Gupta, CEO of TP Renewable Microgrid; Shri P. R. Ravi Mohan, Chairman, ESAF Small Finance Bank; Shri Hari Velloor, Executive Vice President, ESAF Small Finance Bank; Shri George Oommen, Business Head – General Loans & Mobility Loans, ESAF Small Finance Bank, and Shri Alok Thomas Paul, MD, Cedar Retail, were present on the occasion.

Read Also : BHEL signs Technology Transfer Agreement with Bhabha Atomic Research Centre for hydro production