Renewable energy company Mytrah has closed a $ 175 million Asian Development Bank (ADB) direct loan facility which will help it fund the development of a portfolio of new wind and solar projects.

With this loan facility, the Company expects to reach its medium term capacity target of 1000 MW (One Giga Watt) in the coming 12 months.

The Hyderabad-based renewable energy Independent Power Producer said the loan will be provided to the projects individually on a project finance basis and detailed documentation for each is currently under negotiation.

In addition, Mytrah has entered into a contract with Risen Energy Co., Ltd, a company based in Zhejiang province, China, for the purchase of up to 175 MW of Solar PV Modules. Risen is a global manufacturer of solar photovoltaic products and provider of total business solutions for power generation.

Ravi Kailas, Chairman of Mytrah, said: “This is another significant milestone in the development of the Company. The involvement of ADB is further evidence of the growing maturity and quality of our business, and our contract with Risen is an exciting development in our solar division. Together, these underpin our growth plan and we now expect our operating capacity to reach 1000MW within 12 months.”

Mytrah Energy Limited, listed on AIM of London Stock Exchange, has a portfolio of 616.5 MW of wind power generation across 11 projects in 6 States. The Company has 211 wind masts installed in the country. Mytrah is currently having a pipeline of about 3500 MW of wind and 500 MW of solar capacity.

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