GE TO INVEST UPTO USD 31 MILLION IN MYTRAH WIND PROJECT
Hyderabad, 4 August 2016: Mytrah, the India-based renewable focused Independent Power Producer, is pleased to announce that Mytrah Vayu (Tungabhadra) Private Limited (“MVTPL”), which is a 99.99% subsidiary of Mytrah Energy (India) Private Limited (“MEIPL”), has entered into a definitive agreement with Guayama P.R. Holdings B. V., an investment vehicle of GE (NYSE: GE) Energy Financial Services (“GE”), whereby GE has agreed to invest upto USD 31million in MVTPL to support the development of a 200 MW wind energy project in Andhra Pradesh. GE will invest up to 49% of the capital of MVTPL.
Commenting on the update, 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 1000 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.”