Business Standard: August 04, 2016
Hyderabad: GE Energy made its second invetsment in the Indian renewable space by investing $31 million in Mytrah Energy (India) Private Limited. Earlier it has invested $24 million in Welspun Renewable to fund its solar power project.
The latest investment was made in Mytrah Vayu (Tungabhadra) Private Limited, which is a subsidiary of Mytrah Energy. The investment was made by the Guayama P R Holdings BV, an investment vehicle of GE Energy Financial Services.
The investment would support the development of a 200 MW wind energy project in Andhra Pradesh. GE will invest up to 49% of the capital of MVTPL.
“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 CEO, Mytrah Energy Ltd.
He said the company is 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," said Kailas.
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