India’s largest bank State Bank of India and one of the leading companies in Distributed Solar space, Mahindra Solarize Private Limited have joined hands to offer a complete solar solution at competitive rates and provide an end-to-end platform for a hassle-free digital journey for financing Solar projects for the SME sector. As a part of this partnership, an MOU was signed on 3rd Nov 2022 between the State Bank of India and Mahindra Solarize under a dedicated scheme ‘Surya Shakti’ launched by the State bank of India to support solar adoption for the SME Sector.
Mahindra Solarize, one of the leading companies providing integrated solar solutions in the distributed energy space through rooftop and ground-mounted solar plants for the Commercial & Industrial segment shall strengthen its value proposition to the customer by offering customized financing solutions through SBI. India is a hub when it comes to Small and Medium Scale Enterprises (SMEs) & through Surya Shakti, these industries will be able to get much-needed access to Solar powered units, while also enabling them to optimize their utility costs.
Collaborating with the State Bank of India which has a vast branch network across the country will help Mahindra Solarize penetrate into untapped territories of the nation. Mr. Pravin Raghavendra, Deputy MD (Retail) of SBI said, “We are delighted to associate with Mahindra Solarize, one of the leading brands in Distributed solar scape to support SME & Business enterprises through our Surya Sakthi program. We, at SBI, are strong proponents of renewable energy and are committed to reducing the carbon footprint in the country. Initiatives like these will also help build local economies and enable the country to move towards a secure energy future.”
Rakesh Singh, CEO & Executive director of Mahindra Solarize said, “At Solarize, our vision is to accelerate the adoption of disturbed renewable energy. Partnering with SBI in their Surya Shakti initiative is another step in the direction towards the same. We are glad that SMEs, which are the heart of the Indian economy, will now have access to solar-powered units through affordable solar financing and we look forward to a long-term partnership with the bank.”
India has set an ambitious goal of 280 GW of installed solar capacity by 2030. Penetration of distributed solar across the SME segment shall play a key role in achieving the goal.
