Asian Development Bank (ADB) has granted $175m in financing to India-based renewable energy producer Mytrah Energy to fund the development of wind and solar power projects, which have a combined capacity of 576MW.
The funding will be used by Mytrah Energy to develop 476MW of wind projects in the states of Rajasthan, Madhya Pradesh, Andhra Pradesh, and Karnataka as well as 100MW of solar power projects in Telangana and Punjab.
The power plants are scheduled to be commissioned by April 2017.
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."
Expected to generate up to 1,200 gigawatt-hours of clean energy a year, the projects are designed to help reduce CO2 emissions of nearly 1.2 million tons a year from 2018.
Power generated from the plants will be supplied to respective state power distribution companies under long term power purchase agreements.
In 2015, ADB announced its plan to scale up clean energy financing to $6bn a year by 2020.
Image: Mytrah Energy intends to complete construction of 476MW of wind projects in India by 2018. Photo: courtesy Asian Development Bank.