Hyderabad: Wind energy producer Mytrah Energy Ltd Thursday said GE Energy Financial Services will invest $31 million in a 200 MW wind energy project it is developing in Andhra Pradesh.
Guayama P.R. Holdings B.V., an investment vehicle of GE, will invest up to 49% of the capital in Mytrah Vayu (Tungabhadra) Pvt. Ltd, a subsidiary of Mytrah Energy.
“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,” Ravi Kailas, chairman and chief executive of Mytrah Energy, said in a statement.
One of the largest independent wind energy companies, Mytrah Energy has raised around $350 million in debt financing from the likes of Merrill Lynch International, Apollo Global Management LLC and Asian Development Bank. The company is listed on the Alternative Investment Market (AIM) of London Stock Exchange.
The company has plans to reach an operating capacity of 1,000 MW by mid-2017, a target Kailas said the company was on track to achieving.
“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,” Kailas added.
The company has 15 renewable energy projects in eight states and over 200 wind masts installed across India.