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Mytrah Energy raises $175 mn from ADB
Mytrah Energy, an independent power producer in renewable energy, on Friday said the Asian Development Bank (ADB) has approved a loan facility of up to $175 million (nearly Rs 1,164 crore) to help fund the development of a portfolio of new wind and solar projects from Mytrah\'s pipeline.
Hyderabad: Mytrah Energy, an independent power producer in renewable energy, on Friday said the Asian Development Bank (ADB) has approved a loan facility of up to $175 million (nearly Rs 1,164 crore) to help fund the development of a portfolio of new wind and solar projects from Mytrah's pipeline.
The projects being financed with these funds includes wind power projects in Andhra Pradesh, Rajasthan, Madhya Pradesh and Karnataka, in addition to solar power projects in Telangana and Punjab. The generated electricity will be supplied to respective state power distribution companies under long term power purchase agreements.
“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. 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,” said Ravi Kailas, Chairman, Mytrah Energy India Limited(MEIL).
Mayank Choudhary, Senior Investment Specialist in ADB’s Private Sector Operations Department, stated that MEIL has a strong track record of developing renewable energy projects and this financing would allow it to expand its capacity, resulting in substantial benefits including reduced fossil fuel use and strengthened energy security for India. It also supports ADB’s strategy of stepped up financing for renewable energy and increased support for private investment in the sector, he added.
