Connect with us

Hi, what are you looking for?


Clean Power

Merrill Lynch Invests $70 Million Into Indian Wind Energy Company

Yet another emerging wind energy developer in India has secured investment from international investors as the country looks set for a wind energy revolution.

Mytrah Energy recently announced that it had secured funding worth $70 million (₹430 crore) from Merrill Lynch and Apollo Global Management. The company has issued bonds to raise these funds a part of which will be used to set up 1 GW of wind energy capacity in India.

wind farm india

The company plans to use the funding to refinance $15 million funding from an Indian bank while the rest will be used to make equity investments in wind energy projects. The company currently operates more than 500 MW of wind energy capacity across six states in India.

The investment represents a “powerful validation” to the company’s business, Mytrah’s CEO stated. Indeed, it is a powerful validation for the entire Indian wind energy sector, which has seen tremendous growth over the last few quarters, attracting hundreds of millions in foreign funding.

During a short period in 2012–13, the sector saw significant decline in capacity growth but investments returned with the reintroduction of crucial incentives. Indian wind energy companies received funding from IFC, funds managed by Goldman Sachs, and funds from several others.

As the government prepares to implement the National Wind Energy Mission the industry remains upbeat. Over the next four years, the government aims to add 10 GW wind energy capacity every year, significantly higher than average annual capacity additions of 2.5 GW seen over the last few years.

The government has taken several measures to expand wind energy capacity. In addition to kickstarting capacity additions in the offshore wind energy sector, the government will also support development of wind energy projects in states with relatively less wind energy resources.

Image Credit: wind turbines in India via Shutterstock

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

Mridul currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.


You May Also Like

Green Economy

Some of the leading global pension funds are vying for a stake in the latest renewable energy yieldco offering in India. According to media...

Green Economy

Global investment firm KKR has participated in the second fundraising exercise in sixth months for India-based Serentica Renewables. According to media reports, KKR has...

Green Economy

The Indian renewable energy company Avaada has secured a massive $1.07 billion from multiple investors, including Brookfield.  According to media reports, Brookfield Renewable, part...

Clean Power

GAIL India, a government-owned natural gas distribution company, has announced plans to enter the solar module manufacturing sector. GAIL, formerly Gas Authority of India...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.