Tata Power-led arm collaborates with SIDBI to set up 1,000 green energy enterprises; stock adds ~1%

23 Aug 2022 , 10:33 AM

Tata Power Company Limited’s wholly owned subsidiary TP Renewable Microgrid Limited (TPRMG), and Small Industries Development Bank of India (SIDBI) collaborate to launch an innovative program that will see 1,000 green energy enterprises established throughout the nation.

This programme will promote the Government of India’s goal of Atmanirbhar Bharat by fostering sustainable entrepreneurship models across the country, resulting in the empowerment of rural entrepreneurs.

Following completion of a TPRMG-organized capacity development exercise, SIDBI will give entrepreneurs a “Go REsponsive, ENterprise incentive (GREENi).”

SIDBI would also aid in credit linkages to support finance (loans) for building up or growing rural entrepreneurs’ firms through its PRAYAAS scheme or partner institutions.

TPRMG will also help rural firms with green energy solutions and technical know-how for optimizing energy usage and conservation. Tata Power’s ‘Sustainable is Achievable’ initiative and SIDBI’s Empowering MSMEs campaign are the driving factors behind this collaboration.

In the near future, the business intends to deploy 10,000 Microgrids. It has installed over 200 Microgrids, most of which are located in Uttar Pradesh and Bihar. In Odisha, a trial Microgrid scheme is also being tested.

Tata Power, through TPRMG, administers one of the world’s largest Microgrid initiatives, as well as a solar-based off-grid producing facility with an energy storage technology that provides power to rural sections of the country.

At around 10.36 AM, Tata Power Company was trading at Rs226.10 up by 0.85% from its previous closing of Rs224.20 on the BSE. The scrip opened at Rs222.55 and has touched intraday high and low of Rs228.20 and Rs221.55 respectively.