MUFG Bank Limited (MUFG) has executed Rs 4.50 billion sustainable trade finance facility for Tata Power.
It is the first sustainable trade finance facility offered by MUFG in India. This credit facility was extended by MUFG for funding the procurement of two solar power projects under TP Kirnali Limited (TPKL). The projects include a 100 MW project in Parthur, Maharashtra and a 120 MW project in Mesanka, Gujarat – under documentary trade finance. Incorporated in 2020, TPKL is a 100 per cent owned subsidiary of Tata Power Renewable Energy Limited. The collaboration will open up further opportunities to raise green financing as Tata Power continues to increase its clean energy portfolio and contribute towards India’s net zero targets.