Mytrah Energy secures loan for wind power development in India
Renewable power producer Mytrah Energy has secured a Rs8,527.8m ($137.5m) loan for 150MW of wind power development in India.
The firm intends to use the loan as long-term project finance for the renewable energy project, which is expected to go online within a year.
Once operational, the project will raise Mytrah’s installed capacity to more than 690MW from its current capacity of 543MW. The firm currently has 3,500MW of power developments in pipeline.
As well as this wind project, the firm also intends to develop other projects to boost its production capacity by 2016 wind season.
Mytrah Energy has also signed a memorandum of understanding (MoU) with the state government of Andhra Pradesh for a 220MW renewable power development.
The wind energy project will be developed in the Kurnool district of Andhra Pradesh and is expected to be operational within 18 months.
The projects are in line with the Indian Government’s strategy to generate 170GW of power from renewable resources by 2022. The country currently produces 34GW of renewable energy.