MUML Project Secures Financing to Boost Mumbai's Power Supply

07 Jan 2025 CW Team

The MUML Project, awarded in June 2020 under Tariff Based Competitive Bidding (TBCB), is set to enhance Mumbai and Navi Mumbai’s power infrastructure, delivering over 2,000 MW of additional electricity. Spanning across Maharashtra, Gujarat, Assam, and Arunachal Pradesh, the project is a pivotal part of India's western and northeastern region strengthening schemes.

The financing for this ambitious project includes the first Non-Convertible Debenture (NCD) issuance by SGL32, following its joint venture with Singapore’s GIC. This move strengthens the financial backing for the MUML Project, which is integral to India’s green energy corridor, facilitating the evacuation of 20 GW of renewable energy from Rajasthan.

Pratik Agarwal, Director of SGL32, emphasized the importance of this transaction, noting, “This transaction highlights our ability to diversify financing sources and secure cost-efficient funding.” The project’s success will further solidify India’s commitment to renewable energy development and enhance power distribution capabilities for the region.

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