India-based Mytrah Vayu is on track to reach 1000 MW of operating wind energy capacity by mid-2017, thanks to a recent investment by GE Energy Financial.
GE Energy Financial Services announced it will invest $31 million in Mytrah Vayu Private Limited to support development of 200-MW wind energy project in Andhra Pradesh. This is the company’s fourth renewable investment in India.
GE Energy Financial Services entered the Indian market in 2011, when it made an equity investment in a 500 MW wind project owned by Greenko Energy Holdings. GE is also investigating energy storage options for the country.
MVTPL, which is a 99.99 % subsidiary of Mytrah Energy Private Limited (MEIPL), has entered into a definitive agreement with Guayama P.R. Holdings B.V., an investment vehicle of GE Energy Financial Services. According to a statement by Mytrah Energy, the India-based renewable focused independent power producer, GE will invest up to 49% of the capital of MVTPL.
“Attracting investment from GE is a huge endorsement of Mytrah’s operations and its growing position in India’s power market, and we are delighted to have successfully completed this fund raising,” said Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd.
“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,” he added.
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