Renewable energy independent power producer company Mytrah Energy has announced that Asian Development Bank (ADB) has approved a $175 million loan to help fund the development of a portfolio of new wind and solar projects in the company’s pipeline.
The projects being financed include wind power projects in Rajasthan, Madhya Pradesh, Andhra Pradesh, and Karnataka and solar power projects in Telangana and Punjab.
“Mytrah Energy has a strong track record of developing renewable energy projects and this financing will allow it to expand its capacity, resulting in substantial benefits including reduced fossil fuel use and strengthened energy security for India,” Mayank Choudhary, Senior Investment Specialist in ADB’s Private Sector Operations Department, said. “It also supports ADB’s strategy of stepped up financing for renewable energy and increased support for private investment in the sector,” he said.
Ravi Kailas, Chairman, Mytrah Energy India Limited, said, “This loan facility underpins our growth plan. The company expects to reach its medium term capacity target of 1000 MW in the coming 12 months.” “This innovative project finance to be used for a multiple wind and solar projects establishes funding visibility for our future projects,” Shirish Navlekar, Joint Managing Director and CFO of Mytrah Energy India Limited, said.
The company had recent announced it has entered into a contract with Risen Energy Co., Ltd, a company based in Zhejiang province, China, for the purchase of up to 175MW of Solar PV Modules.