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.
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
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