April 24, 2024 10:44 (IST)
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Mytrah Energy raises USD 175 Million
Hyderabad/ Kolkata, Apr 28 (IBNS): Mytrah Energy, an independent Power Producers in renewable energy, on Thursday announced that the Asian Development Bank (ADB) has approved a loan facility of up to US $175 million to help fund the development of a portfolio of new wind and solar projects from Mytrah's pipeline.
The projects being financed includes wind power projects in Rajasthan, Madhya Pradesh, Andhra Pradesh, and Karnataka and 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.
“MEIL has a strong track record of developing renewable energy projects and this financing will allow it to expand its capacity, resulting in substantial benefits including reduced fossil fuel use and strengthened energy security for India,” said Mayank Choudhary, Senior Investment Specialist in ADB’s Private Sector Operations Department.
“It also supports ADB’s strategy of stepped up financing for renewable energy and increased support for private investment in the sector,” said he.
“This innovative project finance line of credit to be used for a multiple wind and solar projects truly establishes funding visibility for our future projects besides a high degree of confidence in Mytrah’s capabilities to develop high quality projects,” said Shirish Navlekar, Joint Managing Director and CFO of Mytrah Energy India Limited.
Ravi Kailas, Chairman, Mytrah Energy India Limited said, “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.”
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