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August 4, 2016

GE to invest $31m in Mytrah Energy’s 200MW wind project in India

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.

By Lopamudra Roy

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.

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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.

"The company is on track to reach 1000MW operating capacity by mid-2017."

“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.

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What’s next for offshore wind in New York?

The state government of New York recently announced an investment of $500 mn in the offshore wind segment as part of its 2022 State of the State Plan. This is a great booster for the state, which is betting big on offshore wind energy.   This new investment will support New York’s third offshore wind procurement in 2022, showing the state government’s intent to make New York a leader in the offshore wind space.  GlobalData’s expert analysis delves into the current state and potential growth of the offshore wind market in one of the US’s most prominent states. We cover: 
  • Wind capacity 
  • Biden administration targets for the market 
  • Investment strategies  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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