Tata Power has received a Rs 4.5 billion sustainable trade finance facility from Mitsubishi UFJ Financial Group Bank (MUFG) to fund solar projects in Gujarat and Maharashtra. The credit facility will be used by Tata Power to fund a 120 MW solar project in Mesanka, Gujarat, and a 100 MW project in Parthur, Maharashtra. Both projects will be carried out by the company’s clean energy subsidiary, TP Kirnali.
MUFG had helped in financing various renewable energy projects. It has been ranked as the top lead arranger in Bloomberg’s league tables for clean energy financing for six of the last nine years.
Recently in December 2022, Tata Motors announced that it has joined hands with IndusInd Bank to offer an exclusive electric vehicle (EV) dealer financing solution to its authorised passenger EV dealers. Under this scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors.