Hyderabad: Bank of Baroda (BoB), one of India’s leading public sector banks, on Monday announced that it has entered into an alliance with Aerem Solutions Private Limited (ASPL) and its subsidiary, Aerem Finance Private Limited (AFPL) for the financing of solar rooftop projects for captive use by micro, small and medium enterprises (MSMEs).
Under the agreement, BoB will provide collateral-free loans at affordable rates to MSMEs for installation of captive solar rooftop projects, a release from the bank said.
ASPL is a revolutionary end-to-end platform that enables quality rooftop solar installations for MSMEs, while AFPL is a non-banking financial corporation (NBFC) registered with the Reserve Bank of India.
This collaboration will encourage MSMEs to adopt solar energy, significantly reducing power bills and increasing profitability of the business as well as supporting the development and growth of the renewable energy market in India.
Dhrubashish Bhattacharya, head – MSME Business, Bank of Baroda said, “Clean energy, sustainability, net zero emissions are not only buzzwords, they are now business imperatives.
Solar energy is a clean, cheap and abundant source of energy. Bank of Baroda has introduced a collateral-free scheme to finance solar rooftop projects for captive use by MSMEs and this arrangement with AEREM provides the Bank access to progressive MSMEs, which are keen to employ solar energy, thereby reducing their carbon footprint and improving profitability,” he added.
Anand Jain, founder and CEO, AEREM said, “Aerem is on a mission to democratize the adoption of rooftop solar and build a better, greener and sustainable future.”
“Our innovative SolarTech platform ensures quality rooftop solar systems, which combined with collateral-free finance enables significant reduction in power bills of MSMEs. We offer a fully digitalised, hassle-free and seamless experience to MSMEs,” Jain said.