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Japan’s MUFG to fund Tata Power 220 MW solar construction

  • 1 year, 5 months ago (2022-12-28)
  • David Flin
Asia 855 Solar 248

Japan’s MUFG Bank is financing the construction of two solar projects with a combined capacity of 220 MW by India’s Tata Power . The financing is valued at $54.4 million.

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The funds will support construction of a 100 MW PV project in Parthur, Maharashtra state, and a 120 MW project in Mesanka, Gujarat. Both projects are being developed by TP Kirnali, a unit of Tata Power Renewable Energy Limited (TPREL).

The funding is MUFG’s first sustainable trade finance agreement in India. Sanjeev Churiwala, Chief Financial Officer with Tata Power, said: “The association will open up opportunities to explore raising more green finance as we expand our clean energy portfolio and significantly contribute towards India’s net zero targets.”