US-based energy company GE has entered into a definitive agreement to invest $31m in India-based independent company Mytrah Energy for the development of a 200MW wind energy project in Andhra Pradesh, India.
The definitive agreement has been signed between a 99.99% Mytrah subsidiary Mytrah Vayu (Tungabhadra) (MVTPL) and an investment unit of GE Energy Financial Services, Guayama.
Mytrah's energy chairman and chief executive officer Ravi Kailas 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 1000MW 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.”
Under the terms of the deal, GE will invest up to 49% of the capital of MVTPL. In December last year, GE Energy Financial Services and MetLife closed structured equity financing for EDF Renewable Energy's 175MW Pilot Hill wind project in Illinois, US.
Also, the company closed a tax equity investment commitment with Canadian Solar’s North American wholly-owned subsidiary Recurrent Energy for a 75 MWac Astoria II solar power project in California in the beginning of this year.
Mytrah Energy operates 15 renewable energy projects across eight states and has more than 200 wind masts deployed across India.
Image: GE will invest $31m for the development of a 200MW wind energy project in Andhra Pradesh, India. Photo: courtesy of satit_srihin / Freedigitalphotos.