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Tata Power Solar Systems Ltd (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Ltd, has tied up with Union Bank of India to increase the adoption of solar power in the (Micro, Small, and Medium Enterprises (MSME) sector.

The move is aimed at improving access to green energy and saving on the cost of electricity, thus making MSMEs (Micro, Small, and Medium Enterprises) more profitable.

The association will be implemented under Union Bank of India solar scheme called 'Union Solar,' which was launched on a pan-India level to relieve the MSMEs from the stress of higher power costs and grid exigencies.

MSMEs can avail of the dual services of Solar EPC by TPSSL, financed through a term loan facility by Union Bank, wherein industries can avail up to Rs 8 crore of loan amount with nil or minimum collateral. The scheme also requires a minimum down payment of only 20 percent of the project cost.

Solar solutions will help bring a turnaround in the MSME sector by reducing their grid dependency and making them independent power producers with greater control over their productivity and output, Tata Power said in a release.

Shares of Tata Power ended 1.45 percent lower at Rs 221.35.