GE to invest $31 mn in Mytrah’s AP project
Guayama PR Holdings BV, an investment vehicle of GE Energy Financial Services, has entered into an agreement with renewable-focused independent power producer Mytrah to invest up to $31 million (around Rs 207 crore) to support the development of the latter’s 200-MW wind energy project in Andhra Pradesh.
Hyderabad: Guayama PR Holdings BV, an investment vehicle of GE Energy Financial Services, has entered into an agreement with renewable-focused independent power producer Mytrah to invest up to $31 million (around Rs 207 crore) to support the development of the latter’s 200-MW wind energy project in Andhra Pradesh.
As part of the deal, GE will invest up to 49 per cent of the capital of Mytrah Vayu (Tungabhadra) Private Limited, a 99.99 per cent subsidiary of Mytrah Energy. This is GE Energy’s second investment in the Indian renewable energy space, with the first being a $24-million funding for Welspun Renewables Energy’s 151-MW solar photovoltaic power project in April 2014.
“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,” said Ravi Kailas, Chairman and Chief Executive Officer of Mytrah Energy Limited (MEL).
MEL 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, it has raised $1 billion of mezzanine and senior debt to fund construction of 1,000 MW of renewable energy by mid-2017. The company aims to own and operate 3,500 MW of renewable power in India.
“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.
