- MUFG has closed financing for a 300MW solar plant in India.
- Azure Power will develop the plant.
- MUFG has closed financing for over 2.6GW of clean energy projects in the past 6 months.
Tokyo-based Mitsubishi UFJ Financial Group (MUFG) has closed a $163 million financing deal to develop a 300 MW solar plant in India. Azure Power is set to construct the plant in India’s Rajasthan state. This projects MUFG’s third renewable energy project where it has provided green structuring advisory. The group has secured certification for a total of 2.6GW over the past six months.
MUFG recently, alongside 11 other international banks, committed $1.35 billion in debt funding for Adani’s under-construction renewable asset portfolio. This revolving fund will initially finance the 1.69GW hybrid portfolio of solar and wind projects to be developed via Adani’s four special purpose vehicles also in Rajasthan.
Colin Chen, MUFG’s head of ESG finance for the Asia Pacific, stated that having facilitated financing for many renewable energy projects in India, MUFG is more convinced of the exciting prospects in the country’s renewables sector. “We look forward to further harnessing our project financing and ESG expertise to support India’s sustainability aspirations,” he added.