MUFG Bank has announced the financial close of a US$1.35 billion financing for a 1,690MW hybrid renewables project in Rajasthan, India, the largest green project loan in the country’s renewables market. The project, the largest of its kind in India, is being developed by Adani Green Energy Limited.

MUFG acted as the mandated lead arranger, bookrunner (MLAB), technical bank, co-green loan coordinator, agency bank and hedging bank for the transaction.

The deal underscores the bank’s market-leading project financing and sustainable financing capabilities as well as commitment towards partnering clients in their environmental, social and governance (ESG) objectives, MUFG says in a statement.

“Apart from being one of the largest global project financing transactions from India, the deal is invaluable as it attracts foreign debt capital to the growing Indian green energy sector,” says Shashank Joshi, managing director and head of global corporate and investment banking at MUFG India.