India’s Mytrah Energy Raises $95 Million To Fund Wind Energy Projects
One of India’s leading renewable energy independent power producers, Mytrah Energy, has raised fresh funds to expand its generation capacity.
Mytrah Energy has revealed that it has managed to raise around $95 million to fund implementation of 100 MW wind energy projects. The company now has a fully funded project pipeline of 250 MW.
The company has an installed wind energy capacity of 543 MW across 6 states in India and plans to add 200 MW capacity by Q2 2016. Over the next 5-7 years the company has pledged to add 5 GW of wind energy capacity and 2 GW of solar power capacity. The company recently forayed into solar power sector and bagged rights to develop projects in the southern state of Telangana.
Mytrah Energy is working with some of the leading wind turbine manufacturers to power its capacity expansion. It has already installed turbines from Suzlon Energy, Gamesa, and ReGen Powertech at its operational wind projects. The company has recently partnered with GE and Inox Wind for supply of turbines for its new projects.
The company has entered agreements with several state governments to set up renewable energy projects. In 2012, it signed memoranda of understanding with Andhra Pradesh and Karnataka to set up 2.85 GW and 1.62 GW renewable energy capacity, respectively. In 2013, it signed an agreement with Gujarat to set up 1 GW capacity.
Mytrah Energy is backed by some of the leading funds globally. Goldman Sachs, Apollo Funds, and Merrill Lynch International are among the funds that have invested in the company. Mytrah Energy Limited was listed on the AIM segment of the London Stock Exchange in 2010 raising $80 million from institutional investors such as Capital Group, BlackRock, and Henderson. Since then, the company has raised about $570 million in debt to fund wind energy projects