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GE has decided to invest up to $31 million in Mytrah, the renewable energy focussed independent power producer, to support a 200 MW wind energy project in Andhra Pradesh.
As per an agreement, Mytrah Vahu (Tungabhadra) Pvt Ltd (MVTPL), a subsidiary of Mytrah Energy India, has tied up with Guayama PR Holdings BV, an investment vehicle of GE Energy Financial Services. Accordingly, GE has agreed to invest up to 49 per cent of the capital of MVTPL.
Commenting on the update, Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said: “Attracting investment from GE is an endorsement of Mytrah’s operations and its growing position in India’s power market, 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 Energy, with 15 projects across eight states, has over 200 wind masts installed across the country.
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