Elizabeth Waters

Elizabeth Waters

Managing Director
MUFG Bank, Ltd.


Beth joined MUFG in 2008 and is a Managing Director and Deal Team Leader on the Bank’s Project Finance Team. She originates, structures, and negotiates transactions in the power sector (wind, solar, battery storage, gas-fired, transmission, etc.). At MUFG, she has played a lead role in over 110 project finance transactions, winning the following along the way: N American M&A Deal of the Year Award (2019), N American Energy Storage Deal of the Year Award (2019), N. American Solar Deal of the Year Awards (2015 and 2016), Renewables Deal of the Year Awards (2009 and 2011) and N. American Portfolio Power Deal of the Year Award (2013). Additionally, Beth has been in the top ranks in a number of Top 100 lists published by A Word About Wind over the past few years – in 2021 , she ranked #22 and #10 for Top 100 Women Globally in Power and Top 100 N American Power List, respectively (including top banker on both lists). Furthermore, in 2010, she received MUFG’s President’s Award for her contribution to the bank’s success in the Americas. Beth was also on the Board of Directors of American Wind Energy Association (AWEA).

In her 14 years with MUFG, Beth has helped drive the origination and structuring of over $37 billion in non-recourse debt, including the financing of nearly 31GWs of wind, solar, storage and gas-fired assets, as well as over 800 miles in transmission lines, and in 2018 led the deal team that underwrote $2.1B in acquisition financing of 51 project finance loans for Starwood Property Trust’s (STWD) acquisition of GE’s project loan portfolio. She has over 25 years of experience in power and project finance and over 35 years in banking. Prior to joining MUFG, she was a senior deal originator with ANZ Bank (Co-Headed Power in the U.S. on the Relationship side), and prior to that she worked for Chemical Bank’s Middle Market division (now part of JP Morgan), having completed their Credit Training Program.

Beth has an MBA in Finance (with distinction) from Hofstra University and a BA in Economics (cum laude) from Stony Brook University.

Beth holds her Series 24, Series 79 and Series 63.