Mytrah Energy (India) (MEIL) has secured $175m in funding from the Asian Development Bank (ADB) to develop a portfolio of wind and solar power projects.
Upon completion, the projects will generate up to 1200gigawatt hours of clean energy every year.
The projects being financed include wind projects in Rajasthan, Madhya Pradesh, Andhra Pradesh and Karnataka with cumulative energy capacity of 476MW.
Mytrah is also developing photovoltaic solar power projects in the states of Telangana and Punjab with a capacity of 100MW..
The clean power generated from the projects is expected to help in reducing about 1.2 million tons of carbon dioxide emissions per year, starting from 2018..
The plants are expected to be commissioned by April 2017. The generated electricity will be delivered to respective state power distribution firms under long term power purchase agreements.
MEIL has 10 operating sites spread over six states with existing wind power capacity of 616.6MW.
It entered into solar power in 2015 with an intention to generate 1GW of renewable energy capacity of in the next 12 months.
ADB private sector operations department senior investment specialist Mayank Choudhary said: "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.
"It also supports ADB’s strategy of stepped up financing for renewable energy and increased support for private investment in the sector."
Asian Development Bank has been supporting India in developing renewable energy since 2007.
The bank has financed wind projects first under the independent power producer (IPP) models. Solar IPPs were alo financed by assisting projects under the National Solar Mission and several state policies.
In September 2015, ADB announced its commitment to finance $6bn for clean energy projects a year by 2020.
Image: ADB has been supporting clean energy projects in India since 2007. Photo: Courtesy of Asian Development Bank.