Dharwad: Karnataka Vikas Grameena Bank (KVGB) has signed a memorandum of understanding (MoU) with Bengaluru-based MECWIN Technologies Ltd to introduce farmer-friendly solar-powered pump sets through bank’s finance.
KVGB general manager P Srinivas Rao and MECWIN Technologies co-founder Shivakumar H M signed the agreement in the presence of KVGB chairman P Gopi Krishna here on Saturday.
Gopi Krishna said KVGB, besides being the first bank to introduce solar loan schemes, is in the forefront in financing solar lights and sustainable energy solutions to under-served households and businesses class in association with SELCO for the last 25 years.
“Time has come for farmers to use solar energy because of farmer-friendly innovation has taken place. Solar power is continuous and farmers have direct access to it. Though the equipment and installation seems to be slightly higher in the initial period it will become inexpensive in the long run.. If diesel pumps are replaced with solar-powered pump sets, carbon emissions will reduce significantly,” he said.
The MoU will benefit farmers as MECWIN Technologies is specialised in the production and management of solar irrigation pump sets and the bank is having largest branch network in rural areas with better financial products, he added.
Shivakumara said solar pumpsets manufactured by the company have been popular. There are more than 15,000 satisfied farmers across the state, he added.