KVG Bank partners with Mecwin Tech to finance solar pump units for farmers

Karnataka Vikas Grameena Bank (KVGB), the regional rural bank headquartered in Dharwad, and Bengaluru-based Mecwin Technologies Ltd, which is involved in the manufacture and supply of solar pump units for farmers, have signed a memorandum of agreement (MoU) on Saturday to introduce solar-powered pump units suitable for farmers thanks to bank financing.

KVGB Chairman P Gopi Krishna said the MoU would benefit farmers as Mecwin Technologies Ltd specializes in the production and management of solar irrigation pump sets. Apart from that, the bank has the largest branch network in rural areas, he said.

KVGB, which was the first bank to introduce solar lending programs, has been at the forefront of financing solar lights and sustainable energy solutions for underserved households and businesses in association with SELCO during over the past 25 years.

Stating that the time has come for farmers to use solar power as a farmer-friendly innovation, he said farmers have direct control over solar power.

Considering the 20 to 25 year lifespan of solar pump sets, this will become an inexpensive way in the long run, said Gopi Krishna. If diesel pump sets are replaced by solar powered pump sets, carbon emissions would be significantly reduced, he said.

Shivakumara HM, co-founder and director of Mecwin Technologies Ltd, said there are more than 15,000 satisfied farmers statewide and the solar pump sets made by the company will be popular.

Farmers should consider solar pumps as a way to tackle irrigation problems and reduce carbon emissions. Extensive deployment of solar pumps can reduce ongoing subsidies to the agricultural sector and improve access to energy for farmers, he said.

Stating that Mecwin Technologies Ltd has a presence in more than 25 states and 18 countries, he said that the 1 HP to 50 HP solar powered pumps are suitable for boreholes, open wells and other irrigation projects. This technique can also be applied to drip irrigation and sprinkler irrigation, he said.