Mytrah Energy secures $175m boost for renewables

Mytrah Energy secures $175m boost for renewables

Indian power company Mytrah Energy (LSE:MYT) has acquired a new US$175 million loan provision that will help further its generation capacity to more than 1,000MW in 12 months.

The firm said profits from the Asian Development Bank will be used to finance the growth of new wind and solar projects.

The advance will be given to the projects individually on a project fund basis and documentation is currently in discussion.

Mytrah now has 616.5MW of wind power across six states and 11 projects.

The firm has 211 wind masts established across India with active pipelines of 500MW of solar and 3,500MW of wind capacity.

Mytrah has also signed a contract with China’s Risen Energy Co Ltd with plans to buy up to 175.0MW solar modules. Risen Energy produces solar photo voltaic commodities.