MUFG seals $1.35b funding for hybrid renewables project in India

The 1,690 MW project is operated by Adani Green Energy Limited.

The 1,690 MW hybrid renewables project operated by Adani Green Energy Limited in Rajasthan, India has secured $1.35b in funding from Japan-based MUFG Bank.

According to MUFG, the transaction highlights a few milestones, such as the project being India’s largest hybrid renewables project as well as bagging the biggest green loan.

MUFG was the transaction’s mandated lead arranger, bookrunner, technical bank, co-green loan coordinator, agency bank, as well as hedging bank.

“As the growth of renewables accelerates globally, the introduction of hybrid energy in India is an exciting development for the renewables market," said Colin Chen, MUFG’s head of structured finance for the Asia investment banking division. "MUFG is honoured to have played a leading role in this landmark financing, leveraging our vast ESG expertise and project finance knowledge to execute this transaction successfully.”