GE to invest $31 million in Mytrah Energy wind project
Indian renewable power producer Mytrah Energy has announced that a 200MW wind scheme it is developing in the south eastern state of Andhra Pradesh has garnered US $31 million in investment from GE.
Last year, the American conglomerate also picked up equity stake in India’s largest solar PV project, operated by Welspun Renewables in Madhya Pradesh.
GE’s latest investment was made in Mytrah Vayu (Tungabhadra) Private Limited, a subsidiary of Mytrah Energy. GE Energy Financial Services’ investment vehicle, Guayama PR Holdings BV, will carry out the transaction.
"Attracting investment from GE is a huge endorsement of Mytrah's operations and its growing position in India's power market, and we are delighted to have successfully completed this fund raising,” said Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd.
“With the Company on track to reach 1000 MW operating capacity by mid-2017, these new funds will help to maintain positive momentum as we enter the next development stage and support the construction of a major power project."
Mytrah operates 15 projects across eight Indian states with a total generation capacity 877.9 MW. It currently has an active development pipeline of about 3000 MW of wind and 500 MW of solar.