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Our Bureau

Pact signed with Selco Solar Company

Mangalore , Oct. 15

The Dharwad-based Karnataka Vikas Grameena Bank - a regional rural bank sponsored by Syndicate Bank - is planning to finance around 10,000 solar power units by January 2007.

Quoting Mr Dhananjaya, Chairman of the bank, a press release said here on Saturday that the bank is taking the lead in looking out for alternative sources of energy.

MoU signed

In this regard, Mr Dhananjaya and Mr M.R. Pai, Executive Director of Selco Solar Company, signed a memorandum of understanding in Dharwad on Saturday. According to the MoU, all cases of purchase financed by the bank will get a discount of 10 per cent.

If the bank succeeds in meeting its targeted level, there will be a saving of around Rs 25 lakh in electricity bills and 2,500 kilowatt of electricity per day to the nation, Mr Dhananjaya added.

Lauding the efforts of the bank in making this facility available to people at competitive rates, Mr Pai said the company had therefore decided to give a 10 per cent discount on the total cost price.

Apart from this, the company will provide a five-year warranty on solar panels, three-year warranty on batteries and one-year warranty on the entire solar unit. Insurance cover will also be available for the entire solar unit. The company will provide free service up to one year, he added.

More Stories on : Consumer Finance | Non-conventional Energy | Regional Rural Banks | Karnataka

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