By Odisha Story Bureau, New Delhi:
GE Energy Financial Services has announced that it will be investing $31 million in a wind energy project coming from Mytrah Energy.
Mytrah Energy is one of the largest independent wind energy companies and has attracted a great deal of financial support.
To date, Mytrah Energy has raised approximately $350 million in debt financing from the likes of Merrill Lynch International, Apollo Global Management LLC and the Asian Development Bank.
Ravi Kailas, chairman and chief executive of Mytrah Energy, said in a statement,
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.
The new wind energy project has a maximum capacity of 200 MW and is being developed in Andhra Pradesh in India. The company has plans to reach an operating capacity of 1,000 MW by mid-2017.
In 2015 renewable energy investment totalled $10.2 billion, and half way through this year, at $3.8 billion, investment shows no sign of slowing down.
Chandra Raman, CEO of Armaec Energy Group PLC, comments on what attracts financial institutions to the Indian renewable energy market and why it is a lucrative investment destination:
These new funds entering the market and the continued investment from global players such as Merrill Lynch International, Apollo Global Management LLC and Asian Development Bank are a sign of the positive momentum felt across the renewable industry in India.