MUFG Gets Green Certification for Softbank's 900 MW PV Project in India

• MUFG Bank has actually acted as the single environment-friendly structuring consultant for a USD 333 million financing deal for SoftBank's 900 MW solar project in India.

MUFG Bank has announced that it has served as the sole environment-friendly structuring expert for a USD 333 million financing offer for SoftBank's most recent and also biggest solar project in India. The 900 megawatt-DC solar farm in the Phalodi-Pokhran Solar Park in the State of Rajasthan, India, is the 7th and biggest project of its enter line to be appointed by SB Energy Holdings Limited (SB Energy), a majority-owned subsidiary of SoftBank Group.

"SB Energy is devoted to preserving the finest ESG concepts in all of our projects," stated Vijay Venkatachalam, CFO of SB Energy.

MUFG additionally acted as the initial mandated lead arranger and also lending institution, book-runner, center agent, inter-creditor agent, account bank, as well as hedging bank. This is the third project financing embarked on by MUFG for Softbank in India. The purchase closed in August, as well as with the bank's support, achieved eco-friendly certification on December 22, 2020.

This notes the very first green certification of a solar project car loan for both the customer as well as the country, as well as highlights both MUFG's lasting financing capacities in addition to dedication towards partnering clients in their ecological, social, and governance (ESG) purposes, stated the company in a statement released in Singapore.

Colin Chen, MUFG's Head of Structured Finance, Asia Investment Banking Division said in a declaration that, "We would like to praise SoftBank for accomplishing yet another landmark in the direction of its sustainability schedule".

In September, ACWA Power, a leading Saudi Arabian programmer, financier and also driver of power generation plants, had announced that it had finished the finalizing of all funding arrangements of the 900 MW solar PV project, Shuaa Energy 3 PSC, which is the 5th stage of the Mohammed bin Rashid Al Maktoum (MBR) Solar Park in Dubai.

The project involves the construction of an advanced 900MW solar PV plant, using bi-facial panels with tracking modern technology at a resources cost of c. $564 million, as well as has actually been the focus of significant worldwide rate of interest, having shown one of the lowest levelised cost of electrical power worldwide of USD cents 1.6953 per kWh.