MUFG closes US$ 163 million finance for Azure Power’s 300 MW solar project


Tokyo-headquartered MUFG (Mitsubishi UFJ Financial Group) today announced it had closed a US$163-million, five-year syndicated financing for a 300 MW solar plant by Indian developer Azure Power. The plant is coming up in the State of Rajasthan. 

The latest transaction marks another milestone for MUFG as it is the third renewables project financing whereby it acted as Green Structuring Advisor and secured certification for a cumulative renewables capacity of 2.6 GW over the past six months.

MUFG also acted as the lead arranger, hedging bank, facility agent, and LC issuing bank

Recently, MUFG Bank was among the 12 international banks that committed US$1.35 billion in debt funding for Adani’s under-construction renewable asset portfolio. The revolving fund will initially finance the 1.69 GW hybrid portfolio of solar and wind projects to be set up through Adani’s four special purpose vehicles in the Indian state of Rajasthan. 

“Having played leadership roles in a string of renewable project financings in India, we are even 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,” said Colin Chen, MUFG’s Head of ESG Finance for the Asia Pacific.

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