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Independent power producer (IPP) focussing on wind energy projects, Mytrah Energy Ltd has signed an Rs 852.78 crore ($137.50 million) long-term loan agreement with a leading Indian financial institution.
The loan will be used as long-term project finance debt in building 150MW of wind power, which is now fully financed and expected to be on stream in the next 12 months, ahead of the country's 2016 wind season.
With the company's current capacity at 543MW, this project will take Mytrah beyond 690MW. Additional projects in development are expected to add further production capacity for the 2016 wind season.
Ravi Kailas, Chairman and CEO of Mytrah Energy said: “The loan underpins our next 150MW of wind power production in India, taking us to over 690MW. In the past four years, Mytrah has created a business operating 543MW of wind power in six States. With expertise across the full value chain and a 3500 MW development pipeline, we are ideally positioned to deliver a substantial part of the rapid expansion envisaged by the Government of India.”
The company had recently announced it has secured the rights to build a 220MW project from the Andhra Pradesh Government, adding to its existing 3500MW active pipeline.
The Memorandum of Understanding (MoU) for the project in Andhra Pradesh was signed at the RE-INVEST conference, India's first renewable energy investors’ meet and expo.
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