ADB has approved up to USD 175 million (over 1,164 crore) loan for private renewable energy development to Mytrah Energies (India) Ltd (MEIL) for wind and solar power projects, which will generate up to 1,200 gigawatt-hours of clean energy a year.
One of India's fastest growing independent power producers from renewable sources, MEIL is a step down subsidiary of the London Stock Exchange-listed Mytrah Energy Limited.
It has 10 operating sites spread over six states with existing wind power capacity of 616.6 megawatts. It ventured into solar power in 2015 and is targeting total renewable energy capacity of 1,000 MW over the next 12 months.
"The projects being financed include wind power projects in Rajasthan, Madhya Pradesh, Andhra Pradesh, and Karnataka, with combined capacity of 476 megawatts (MW), and photovoltaic solar power projects in Telangana and Punjab with capacity of 100 MW," Manila-based Asian Development Bank said in a statement.
Bringing this clean power on stream is expected to help avoid nearly 1.2 million tons of carbon dioxide emissions a year from 2018, which would otherwise have been generated by conventional fossil fuel plants, it added.
The statement said the project will see the development and commissioning of the plants by April 2017.
The generated electricity will be supplied to respective state power distribution companies under long term power purchase agreements.
