Tokyo: Japan’s largest bank, MUFG Bank, is actively engaging in infrastructure development across the globe by financing large-scale projects to contribute to the economic development of each region.
“ECA or Export Credit Agencies are private or public institutions, acting on behalf of their government with the primary objective to support export from their countries. MUFG Bank provides ECA finance to support our customers export and import transaction and their business development overseas. ECA finance is one of the key products for MUFG Bank to support infrastructure development in the world, and by using the resource of our global network, MUFG Bank ranked 5th in the MLA ranking in 2017,” Yuko Yoshimura, an official from the bank said.
The bank was ranked at the top of the 2018 financer’s list due to the amount invested in clean energy. In Asia, the bank has been involved in an offshore wind farm project in Taiwan along with a geothermal power station project in Indonesia.
“We are extremely proud to have been recognized as the largest lender to renewables globally for the last three consecutive years. We are active across all of the major renewables areas across the world. We’ve now done more than 70 gigawatts of renewable generation, which covers onshore wind, offshore wind, solar PV, solar thermal, geothermal, biomass, and hydro so really all of the main renewable technologies,” Gordan White from MUFG Bank said.
“There are many examples of renewable projects we’ve been involved in but I’ll list three examples to outline the range of projects that we do. The first one is Formosa I, an offshore wind farm in Taiwan which we closed last year. That’s the first offshore project in Taiwan. And we expect to open up a large pipeline of new opportunities in the country,” he added.
Listing the second example, White said: “In Indonesia, we have the Sarulla geothermal project which we supported a few years ago now. That is the largest single contract geothermal power plant in the world. We are very excited about the future of renewables. With the foreign cost of renewables that we’re seeing around the world and the increasing scale of renewable, we think renewables will have an increasingly significant part to play in our portfolio going forward.”
“We are expecting growth to come both from established markets who continue to pursue renewable generation but also from new markets that now see renewable electricity not only as an environmentally friendly source of energy but also now something which is attractive from cost competitive perspective. MUFG is committed to supporting renewables as a core part of our projects finance business and using our global experience to help deliver the financial solutions to projects around the world,” he lastly said.
MUFG Bank aims to support activities in business development overseas and economic development worldwide.