09 Aug GE to invest $31m in India’s Mytrah Energy wind project
GE Energy Financial Services announced it will invest US$31 million in a wind project in Andhra Pradesh owned by India’s Mytrah Energy.
MVTPL, a subsidiary of Mytrah Energy has entered into an agreement with Guayama PR Holdings BV, an investment vehicle of GE Energy Financial Services. GE will invest up to 49% of the capital of MVTPL.
The equity investment will be used for implementing the project.
GE Energy Financial Services entered the Indian market in 2011, when it made an investment in a 500MW wind project owned by Greenko Energy Holdings.
Ravi Kailas, chairman and CEO of Mytrah Energy Ltd 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 fundraising.
“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.”