Mytrah announced that Mytrah Vayu (Tungabhadra) Private Limited ("MVTPL"), which is a 99.99% subsidiary of Mytrah Energy (India) Private Limited ("MEIPL"), has entered into a definitive agreement with Guayama P.R. Holdings B. V., an investment vehicle of GE Energy Financial Services ("GE"), whereby GE has agreed to invest up to $31m in MVTPL to support the development of a 200MW wind energy project in Andhra Pradesh.
GE will invest up to 49% of the capital of MVTPL.
Further to its announcement on 13 May 2016, regarding the surpassing of the wind capacity target for the start of the wind season, Mytrah confirms that an additional 51.50 MW has been commissioned at its Nazeerabad and Nipaniya projects.
31.50 MW was added to the Nazeerabad project while 20 MW was commissioned at the new Nipaniya project in Madhya Pradesh State. The Company's total operating wind portfolio now stands at 877.9 MW, with an additional 40 MW erected and under commissioning.
Solar Central Inverters Purchase Contract
Mytrah has entered into a contract with Sungrow Power Supply Company Limited ("Sungrow"), a company based in Hefei, China, for the purchase of up to 150 MW of Solar Central Inverters. Sungrow is the world's leading PV-inverter manufacturer with over 20 GW installed globally.
Mytrah Energy Ltd chairman and CEO Ravi Kailas, said: "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.
"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."