GE to put USD 31m in 200-MW Mytrah wind park in India
Project site in India. Author: India Bundled Wind. License: Creative Commons
Indian renewables-focused firm Mytrah Energy Ltd (LON:MYT) said Thursday a 200-MW wind scheme it is developing in Andhra Pradesh has attracted a USD-31-million (EUR 28.2m) investment from General Electric (NYSE:GE).
GE Energy Financial Services' investment vehicle Guayama PR Holdings BV will be the one to carry out the transaction. As part of the definitive agreement, it will invest up to 49% of the capital of Mytrah unit and project developer Mytrah Vayu (Tungabhadra) Pvt Ltd (MVTPL).
“With the Company on track to reach 1,000 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,” chairman and CEO, Ravi Kailas, said. Independent power producer (IPP) Mytrah confirmed that its total operating wind portfolio currently amounts to 877.9 MW, with an additional 40 MW erected and under commissioning.
In the meantime, Mytrah has also entered into a contract with Chinese PV equipment maker Sungrow Power Supply Co Ltd for the purchase of up to 150 MW of solar central inverters.