Tata Power has received ₹450 crore in sustainable business funding from Japan’s MUFG | Daily News Byte

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New Delhi: Japan’s MUFG Bank announced on Friday that it has executed The $450 billion sustainable trade fund for Tata Power, the company said in a statement.

MUFG has extended this funding to finance the acquisition by TP Kirnali Limited or TPKL of two solar power projects – a 100 MW project in Parthur, Maharashtra and a 120MW project in Mesanka, Gujarat – under a paper trade.

Established in 2020, TPKL is a 100% owned subsidiary of Tata Power Renewable Energy Limited (TPREL), a clean energy platform.

“It is the first sustainable trade finance facility offered by MUFG in India and TPKL will use the funds towards building renewable energy capacity,” Tata Power said in a statement, adding that the partnership will open up further opportunities to raise green capital on behalf of Tata Power. Continue to increase clean energy portfolio and contribute to India’s net zero goal.

“Tata Power is committed to transforming its business to enable sustainable energy through clean energy sources. We are pleased to use MUFG’s sustainable trade finance facility to continue this green transition. The association will open up opportunities to explore more green finance upgrades as we expand our clean energy portfolio and contribute significantly to India’s net zero goals,” said Sanjeev Churiwala, CFO, Tata Power.

“MUFG is honored to partner with Tata Power on this important sustainable trade finance facility. As more companies include ESG goals as part of their KPIs, MUFG is committed to supporting our clients towards achieving these goals. This facility is designed to support our clients’ sustainability agenda and drive the greening of global supply chains and we are excited to launch it in India,” said Belinda Han, MUFG Head of Transaction Banking Asia Pacific.

Tata Power is committed to becoming net carbon neutral by 2045 and MUFG has announced a commitment to achieve net emissions in its financial portfolio by 2050 and its own operations by 2030.

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