ADB pumps $175 million in Mytrah Energy

For the development of company's new portfolio of wind and solar projects

The London Stock Exchange (LSE) listed Mytrah Energy Limited received $175 million funding from Asian Development Bank (ADB) for development of company's new portfolio of wind and solar projects.

The projects being financed includes wind power projects in Rajasthan, Madhya Pradesh, Andhra Pradesh, and Karnataka and solar power projects in Telangana and Punjab. The generated electricity will be supplied to respective state power distribution companies under long term power purchase agreements.

"Mytrah has a strong track record of developing renewable energy projects and this financing will allow it to expand its capacity, resulting in substantial benefits including reduced fossil fuel use and strengthened energy security for India," said Mayank Choudhary, senior investment specialist in ADB's Private Sector Operations Department.

Ravi Kailas, chairman, Mytrah Energy India Limited said that the loan facility underpins the company's growth plan to reach its medium term capacity target of 1,000 MW in the coming 12 months.

An independent power producer from renewable sources, Mytrah Energy Limited is listed on the Alternate Investment Market (AIM) of the LSE. It currently has 11 projects across six states and has around 200 wind masts installed across multiple states in India.