KVG Bank, Selco ink pact to finance solar power-based livelihood solutions

Our Bureau Mangaluru | Updated on December 30, 2019 Published on December 30, 2019

Karnataka Vikas Grameen Bank (KVGB), a Dharwad-headquartered regional rural bank, and Selco Solar Light Pvt Ltd, a social enterprise, have signed a memorandum of understanding (MoU) for solar lighting and livelihood solutions.

Under the MoU, the bank will finance livelihood solutions that are backed by solar power, for the uplift of micro and small entrepreneurs, economically weaker sections, sustainable agriculture and women’s empowerment.

A statement said Selco provides technological interventions, market linkages, banking and financial inclusion support, and training for capacity building.

Mohan Hegde, Chief Executive Officer of Selco Solar Light Pvt Ltd, said the company has been providing sustainable lighting solutions for the last 25 years. Selco has also proved that livelihood solutions can be powered by sustainable energy.

Many micro enterprises and traditional occupations had collapsed due to the dependence on conventional power sources and shortage of human resources, he said, Selco has been successful in providing an alternative and sustainable source of energy through technical interventions.

A solar-powered potter’s wheel, solar-powered blowers for blacksmiths, rope-making machines and roti-rolling machines, are among 60 such sustainable solutions, that can be taken up, he said.

P Gopi Krishna, Chairman of KVGB, said the bank, among the first to formulate a scheme for financing solar systems, has been extending finance to solar systems since 1994 .

He said the MoU was targeted at empowering micro and small entrepreneurs. Conventionally, people think of solar-powered lighting and water heating solutions. He said solar energy solutions should be used for the sustainable development of society.

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Published on December 30, 2019
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