Aster Renewable secures $257.7 million loan from MUFG for RE project

This is MUFG’s first solar lending project in APAC.

Aster Renewable Energy secured around $257.7m (NTD8.25b) debt financing deal with MUFG Bank, Ltd. to fund the development of floating solar and battery energy storage systems projects.

In a statement, MUFG said Aster Renewable’s project located in Changbin Industrial Area in Changhua, Taiwan has a 140.2 megawatt-peak (MWp) floating solar capacity and 19.6 MWp per 78.3 megawatt-hour battery storage capacity.

“The global floating solar industry is expected to grow at a rate of 15% between 2022 and 2031, with Asia Pacific expected to lead in its deployment,” Randy Hung, Head of Global Corporate Banking for MUFG Taiwan, said.

“This aligns with Taiwan’s targets to achieve net-zero greenhouse gas emissions by 2050 and its goal to install 20GW by 2025 and 30GW by 2030 for solar power capacity,” he added.

The bank is one of the mandated lead arrangers and book runners, and the account bank for the transaction which was oversubscribed by 1.8 times.

$1 = NTD32.01