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Tata Power Renewable Microgrid Limited (TPRMG), a subsidiary of Tata Power Company, has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to promote the adoption of clean and efficient energy solutions in rural India. The partnership aims to empower rural communities and entrepreneurs by providing affordable financing options, promoting renewable energy-based solutions, and fostering energy entrepreneurship.
ESAF Small Finance Bank, with its presence in 24 states and 2 union territories, serves over 9.1 million customers, mostly from underprivileged areas. The 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.
The collaboration will promote energy entrepreneurship, ensure trained professionals support clean energy initiatives, and contribute to India’s transition to renewable energy. Both organizations will work together on public policy advocacy initiatives aligned with India’s Net Zero plans, reinforcing their focus on ESG-driven growth.
The CEO of TP Renewable Microgrid, Shri Manoj Gupta, and MD & CEO of ESAF Small Finance Bank, Shri K. Paul Thomas, commented on the partnership, emphasizing its significance in enabling rural communities to access clean, efficient, and affordable renewable energy. They highlighted the partnership’s potential to enhance energy accessibility, promote skilling and entrepreneurship, and drive India’s renewable energy transition at the grassroots level.
This strategic alliance between TPRMG and ESAF Small Finance Bank is expected to create a meaningful impact in rural India by facilitating access to energy-efficient decentralized renewable technologies and solutions for rural entrepreneurs, promoting economic growth, and contributing to the country’s carbon neutrality objectives. The partnership marks a significant step towards driving the adoption of clean and efficient energy solutions in rural India.