GE will invest up to USD 31 million in subsidiary Mytrah Vayu (Tungabhadra) Pvt Ltd to support the development of a 200 MW wind energy project in Andhra Pradesh.
"Mytrah Vayu (Tungabhadra) Pvt Ltd (MVTPL), which is a 99.99 per cent subsidiary of Mytrah Energy (India).. Has entered into a definitive agreement with Guayama P R Holdings BV, an investment vehicle of GE Energy Financial Services (GE), whereby GE has agreed to invest upto USD 31 million in MVTPL to support the development of a 200 MW wind energy project in Andhra Pradesh," Mytrah said in a statement.
GE will invest up to 49 per cent of the capital of MVTPL, the statement added.
Ravi Kailas, Chairman and CEO, 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 fund raising.
"With the company on track to reach 1,000 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," Kailas said.
Mytrah Energy in an independent power producer in renewable energy with 15 projects across eight states and has over 200 wind masts installed across multiple states in India.
As India's Smart Utility, Mytrah, through a diversified renewable energy portfolio, leverages its robust end-to-end capabilities in generating renewable energy for its projects in the country.
