SunTechnics ties-up with Cauvery Kalpatharu Grameena Bank for Retail funding of environment-friendly energy solutions

Bangalore, December 15, 2006: SunTechnics, one of the world’s largest system integrators for renewable energies and the flagship company of the Conergy Group has tied up with Cauvery Kalpatharu Grameena Bank (CKGB), for retail funding of environmental friendly energy solutions. A regional rural bank, CKGB has over 200 branches spread across the six districts of Mysore, Chamarajnagar, Hassan, Tumkur, Bangalore urban and Bangalore rural. SunTechnics clients would directly profit from this close association as it provides easy financing options for clean and environmental friendly energy from renewable energies.

Commenting on the tie-up, Rajesh Bhat, Country Manager, SunTechnics India said “Through this loan options we are able to offer a better service for our customers. This kind of tie-up is first of its kind and we expect to have similar arrangements with many more banks in the near future,” adding,” The rural banks play a vital role in educating the villagers about the importance of basic power at homes and how it can help in giving a better living condition to them and their children and further how banks can help them through easy payment options. The banks are able to largely influence the villagers whom they also serve for agricultural credit”.

Various banks follow different procedure of passing the benefit to the end customer. Some extend the subsidy as a one-time discount to the customer on the overall invoice value and henceforth collect payment in EMIs as per set interest rate or deduct the discounted value from the invoice value and hence reduced rate of interest on EMIs (interest subsidy). The loan under the tie-up with CKGB would be under the second financing option”.

About SunTechnics
SunTechnics is one of the world’s leading providers of turnkey systems for the usage of renewable energies and offers turn-key solutions in photovoltaic, solar thermal, small wind, biomass, off-grid and hybrid technologies utilising unparalleled engineering expertise. The system integrator’s expertise ranges from off-grid solar systems for remote telecommunication systems to roof top-mounted PV power plant to biogas plants producing electricity from agricultural waste. The range of services includes the exact individual planning as well as the professional installation and maintenance. SunTechnics with headquarters in Germany is actively driving its growth globally. Sales have nearly doubled from 130 million euros in 2004 to 240 million euros in 2005. Over 440 employees now work for SunTechnics world wide.