Azure Power has secured $163 million of financing from Mitsubishi UFJ Financial Group (MUFG) for a 300 MW solar project in India.

Tokyo-based Mitsubishi UFJ Financial Group (MUFG) has closed a $163-million, five-year syndicated financing deal for a 300 MW solar plant in India. Developer Azure Power will build the plant in the Indian state of Rajasthan.

The latest transaction marks another milestone for MUFG, as it is the third renewables project financing in which it has acted as green structuring adviser. It has secured certification for a cumulative renewables capacity of 2.6 GW over the past six months.

MUFG also acted as lead arranger, hedging bank, and facility agent. It was recently among the 12 international banks that committed $1.35 billion in debt funding for Adani’s under-construction renewable asset portfolio. The revolving fund will initially finance the 1.69 GW hybrid portfolio of solar and wind projects to be set up through Adani’s four special purpose vehicles in the Indian state of Rajasthan.

“Having played leadership roles in a string of renewable project financings in India, we are even more convinced of the exciting prospects in the country’s renewables sector. We look forward to further harnessing our project financing and ESG expertise to support India’s sustainability aspirations,” said Colin Chen, MUFG’s head of ESG finance for the Asia Pacific.