MUFG has won Lender of the Year at the annual Wind Investment Awards 2021, which recognise best practice in the global onshore and offshore wind industry. 2021 marks the second year in a row that MUFG has been recognised with this award.
Hosted by global wind industry community A Word About Wind, the awards unite prominent decision-makers to enable opportunities to network and forge long-term business connections.
This win highlights MUFG's strong track record in supporting renewable generation projects across EMEA, Asia Pacific, and the Americas. The range of deals recognised highlight the diversity of markets, geographic sectors, regulatory regimes, offtake strategies and legal jurisdictions which MUFG successfully navigates while maintaining a client centric approach.
In the period between August 2019 and December 2020, MUFG committed over USD 5.5 billion to the renewables sector, of which over USD 4 billion was attributable to onshore and offshore wind projects.
The 2021 Wind Investment Awards ceremony was held virtually on May 20th, in conjunction with the Financing Wind Europe conference.
Stephen Jennings, Head of Energy and Natural Resources for MUFG in EMEA, commented:
"It is a fantastic achievement to retain this award, despite strong competition, and to be recognised as a global leader in the wind sector. MUFG will continue to drive innovation in this important area of project finance, which will play a substantial role in the decarbonisation strategies of so many regions globally."
Alex Wernberg, Head of Power Project Finance for MUFG in the US, commented:
"MUFG has been at the forefront of wind power financing for over 15 years, providing creative structuring, lending and debt placement solutions for its clients. We are proud that the award recognises the experience and expertise of our global project finance teams and the commitment that MUFG has to the sector."
Colin Chen, Head of ESG Finance in APAC, commented:
"MUFG's leadership in providing both finance and advice to Wind Power in Asia over the past five years is a continuation of our global commitment to ESG in Asia. We believe our continuous efforts in the promotion of generation capacity through renewable resources has made an impact on the carbon footprint of the countries which we have a presence in Asia."
Rob Ward, Head of Project Finance and ESG Finance for MUFG in Oceania, commented:
"This award highlights the incredibly diverse range of wind projects in which MUFG is involved. Like many of our clients, we operate as a global network and can bring this expertise to financing projects around the world. As the pace of progress towards carbon neutrality intensifies, we are truly operating as One MUFG."
The judges commented on the win:
"This top team have been involved in some of the most complex deals in 2020. They have extensive expertise in offshore wind and wider renewables financing, across a wide variety of clients, on a global level."
The transactions globally which contributed to this win include:
- December 2020: MUFG acted as Mandated Lead Arranger and Joint Bookrunner on the USD 1.8 billion project financing for Western Spirit, one of the largest single-phase wind projects ever developed in the Western Hemisphere.
- November 2020: MUFG acted as Joint Lead Arranger and played a critical role in the structuring and execution of the USD 238 million financing of the BlackRock Global Renewable Power I Wind Portfolio, seven operational wind projects located in the U.S. with 555 MW of generating capacity.
- November 2020: The first two phases of the landmark 3.6 GW Dogger Bank transaction reached financial close, the largest project finance transaction - and the largest offshore wind transaction - closed globally to date. MUFG secured a large number of roles within the lending group including Mandated Lead Arranger, Generation Commercial Lender, Generation BPI Facility Lender, Sole LC Issuing Bank, Interest Rate and FX Hedge Provider, Intercreditor Agent and Security Trustee.
- June 2020: The Seagreen Project, located off the Coast of Fife in Scotland, saw MUFG act as lender as well as Financial Advisor. Seagreen broke new ground in offshore wind financing with a hybrid CFD-backed and merchant structure, resulting in it being one of one of the least subsidised offshore windfarms to be financed on a limited-recourse basis to date.
- February 2020: MUFG acted as Financial Advisor, MLA, Bookrunner, Intercreditor and Facility Agent, Account Bank and Hedge Provider on the Taiwanese Changfang and Xidao Offshore Wind Farm (“CFXD"), one of the largest offshore wind project financings in Asia to date.
- February 2020: MUFG acted as lender as well as financial advisor to the 139 MW JPY 100 billion (USD 977.5 million) Akita and Noshiro offshore wind project, the first commercial-scale offshore wind farm in Japan
- September 2019: MUFG acted as Financial Advisor, MLA and Swap Provider for the NZD 270 million greenfield financing of Tilt Renewables' 133MW Waipipi Wind Farm, the first wind farm to be project financed in New Zealand.
- September 2019: MUFG acted as Global Bookrunner, Initial MLA, Account Bank and LC Issuing bank for the €2bln financing for the Saint-Nazaire Offshore Wind Farm (480MW) the first offshore wind project to be developed in France.