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Our Bureau

To provide loans for solar home systems in Maharashtra eight districts

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Pune Feb. 26 Bank of Maharashtra, in association with the United Nations Environmental Programme (UNEP), has launched a loan scheme to finance solar lighting systems for homes in eight districts in Maharashtra.

The Mahadeep Loan Scheme is targeted at homes in the semi-urban and urban sectors. The bank expects to touch 2,000 beneficiaries involving an outlay of Rs 3.2 crore in a year's time, Mr M.D. Mallya, Chairman and Managing Director of BoM, said. The loans will be given at an interest rate of 12.5 per cent per annum repayable over five years.

Giving support

The UNEP has provided technical support, including market assessment, marketing, setting standards for the systems, and identifying and qualifying vendors and dealers. Dr J.P. Painully, Senior Energy Planner of UNEP, who is currently based in Denmark, said that out of $1.5 million for developing renewable sources of energy in India, $47,500 was allocated to Maharashtra.

Initially, Mahadeep will be implemented in Ahmednagar, Kolhapur, Nashk, Pune, Ratnagiri, Sangli, Satara and Sindhudurg districts. Seven vendors, including Shell Solar and Kotak Urja have been identified for different home lighting systems at an average cost of Rs 15,000.

UNEP launched a similar programme in Gujarat earlier this month, in association with Seva and already has tie-ups with Canara Bank and Syndicate Bank in Karnataka for the last three years, where they have sold 18,000 systems.

With the current use of renewable energy worldwide pegged at 14-18 per cent, Dr Painully said the figure was expected to touch 25-45 per cent by 2010.

More Stories on : Credit Market | Non-conventional Energy | Public Sector Banks | Environment | Maharashtra

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