星期一, 5月 10, 2021
Home PV News Loss default guarantee fund to aid solar powered pump buyers

Loss default guarantee fund to aid solar powered pump buyers

Source:Energyword

Kolkata: SwitchON Foundation along with Punjab National Bank (PNB) has set up the first ‘loss default guarantee fund’ to offer finance to the marginal farmers for buying solar pumps.
“This partnership creates an ecosystem to encourage a large-scale deployment of solar pumps. This is a unique agreement between a private not-for-profit organisation and a leading public sector bank to set up a guarantee fund, which is otherwise, usually set up by government bodies,” said Vinay Jaju of SwitchON Foundation.
The basic aim of the fund is to help unbanked small marginal farmers without any collateral. A senior PNB Official of the Kolkata Zone said: “This novel joint initiative will provide finance for purchasing solar pumps for farming that will promote clean energy under different subsidy schemes of the government.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

CNBM wants to set up GW-scale production of CdTe solar panels in China

China National Building Materials (CNBM), the parent company of German module manufacturer Avancis, has signed an agreement with German PV production equipment provider Singulus...

Italy could double PV capacity by 2025, says PI Berlin

Italy could double its solar PV plant capacity in the next three years, said Giuseppe Farinato, new Business Development Manager for Italy at PI...

New stack design for cheaper redox flow batteries

A group of scientists from the German research institute Fraunhofer Umsicht claims to have reduced the production costs of redox flow batteries by redesigning...

The best radiative cooling tech for PV arrays

Researchers at the Shanghai Jiao Tong University in China have conducted a review of the possible combinations between radiative cooling (RC) techniques and solar...