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.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.