Shares of Tata Power went up by 2% on Tuesday after announcing its partnership with SIDBI (Small Industries Development Bank of India) to offer easy and affordable financing scheme for MSME customers in the rooftop solar segment.

This scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow.

Easy and affordable financing has been one of the barriers for penetration of solar energy in the MSME sector.

Tata Power and SIDBI will provide a financing solution without any collateral at an interest rate of less than 10%. This will be complimented with a sanction within seven days and disbursement in four days.

The scheme is for MSME customers of Tata Power for both off-grid and on-grid connections.

Green energy has gained momentum in sectors like MSME, said Praveer Sinha, CEO and Managing Director of Tata Power.

"We are pleased to partner with SIDBI for an innovative financing solution for our MSME customers," he said.

Manoj Mittal, Deputy Managing Director of SIDBI, said most MSMEs fail to attract developers due to smaller size or inadequate financial worthiness.

"There is need to innovate and pay attention to these classes of consumers to activate the next leg of growth in rooftop solar market," he said.

Shares of Tata Power Company are trading at Rs 80.75, up Rs 1.5, or 1.89% at the Bombay Stock Exchange (BSE) on Tuesday at 1:45 p.m.

The scrip has touched an intra-day high of Rs 81.50 and low of Rs 77.60. The total volume of shares traded at the BSE is 3,659,459.

In the earlier session, the shares rose 2.46%, or Rs 1.9, at Rs 79.25.

The stock touched its 52-week high of Rs 81.50 and 52-week low of Rs 27 on Jan.05, 2021 and May 12, 2020 respectively.