GE Energy Financial Services will be investing $31 million to support the development of a 200MW wind energy project by Mytrah Vayu (Tungabhadra) Private Limited (MVTPL) in Andhra Pradesh.
MVTPL is a subsidiary of Mytrah Energy (India) Private Limited, which is a renewable energy focused independent power producer in India. GE Energy will invest up to 49% of the capital of MVTPL. MVTPL made agreement with Guayama P.R. Holdings B.V., an investment vehicle of GE Energy Financial Services.
According to Ravi Kailas, Chairman & CEO, Mytrah Energy, attracting investment from GE is a huge endorsement of Mytrah’s operations and its growing position in India’s power market
With the company on track to reach 1,000MW operating capacity by mid-2017, GE’s funds will help to maintain positive momentum as Mytrah Energy enters the next development stage and support the construction of a major power project.
Source: Business Standard