MUFG Bank, Ltd. (MUFG Bank) today announced the Green Climate Fund (GCF) Board approved funding for a renewable energy project. The project proposal was submitted to the board by MUFG Bank which acts as an Accredited Entity of GCF.

The project, led by a Chilean renewable energy developer Energía Valhalla, combines a 561-megawatt photovoltaic plant and a 300-megawatt pumped storage hydroelectric plant in Chile’s northern province of Tarapacá. The project will generate electricity 24 hours a day, seven days a week, utilizing solar power during day time and pumped hydro storage system at night.

The project will not only mitigate greenhouse gas emissions but will also contribute to climate change adaptation in the region by enhancing diversification of local economies and providing stable water supplies from its associated desalination plant.

As a global provider of financial services, Mitsubishi UFJ Financial Group (MUFG) defines its mission as being committed on a long-term basis to developing lasting relationships with both our clients and society, and promoting shared and sustainable growth for a better world. As part of this mission, MUFG is advancing initiatives with goals including protecting the global environment and promoting human rights. MUFG Bank will continue to engage with GCF in order to contribute to the realization of sustainable environment and society.

Source: Company Press Release