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Bank of India to Finance Solar-Power Systems to Curb Blackouts

Sept. 18 (Bloomberg) -- Bank of India plans to offer loans to homes and businesses for solar-power systems as the country seeks to avoid a repeat of the July blackout that affected half the nation’s 1.2 billion people.

The state-owned bank signed a memorandum of understanding with Gautam Polymers’ Solid Solar unit to finance lanterns and rooftop panels for residential and commercial consumers, the companies said in a joint e-mailed statement.

Bank of India, based in Mumbai, will offer the funding through its 4,157 branches. Access to loans will make it easier for consumers to buy solar products that have high upfront costs, according to the statement.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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