Mytrah Energy has secured a new $175million loan facility that will help push its generation capacity to more than 1,000MW within 12 months.
The Indian power generator said the money from the Asian Development Bank will be used to fund the development of a host of new wind and solar projects.
The loan will be provided to the projects individually on a project finance basis and detailed documentation for each is currently under negotiation.
Mytrah at present has 616.5MW of wind power generation across 11 projects and six states.
The Company has 211 wind masts installed across multiple states in India with an active development pipeline of about 3,500MW of wind and 500 MW of solar.
In addition, Mytrah has signed a contract with a China-based company called Risen Energy Co Ltd, whereby the London-listed company will purchase up to 175.0 megawatts worth of solar PV modules from Risen, which manufactures the solar photovoltaic products.
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