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Tata Power on Friday said it has secured a ₹450 crore “sustainable trade finance facility” from Japan’s MUFG Bank to finance solar projects in India.
The credit facility has been extended for two solar projects under TP Kirnali Limited (TPKL), the company said in a statement.
TPKL is a 100 percent subsidiary of Tata Power Renewable Energy Limited (TPREL).
According to the news, it is the first sustainable commercial finance facility that MUFG has offered to the country. India and TPKL will use the funds to build renewable energy capacity.
MUFG has extended financing to finance two solar power projects of TPKL, a 100 MW renewable energy project in Parthur, Maharashtra and a 120 MW green energy project in Mesanka, Gujarat.
Sanjeev Churiwala, CFO, Tata Power, said his company’s association with MUFG will open up opportunities to explore raising green finance as Tata Power expands its clean energy portfolio to contribute to India’s net-zero goals.
Shashank Joshi, Deputy CEO of MUFG India, said this deal is another milestone in establishing MUFG as an ESG (Environmental, Social, and Governance) leader in the region.
“Industries such as the energy sector are traditionally high carbon, but there is a growing awareness of change,” he said.
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