One of several fast emerging renewable energy project developers in India, Mytrah Energy, has commissioned its first project — a wind farm in the western part of the country.
Mytrah Energy recently announce that it had commissioned 17 MW capacity as part of a larger 50 MW wind farm in Rajasthan. The turbines for the project were supplied by Suzlon Energy, and the project will be expanded to 50 MW capacity before April next year when the monsoon season in India starts, when wind energy generation is higher, and developers try to make the most out of it by completing the projects during the winter season. The total investment on this wind farm is estimated at $50 million.
The company is also looking to add 200 MW wind energy capacity before next year’s monsoon season. Mytrah Energy now operates 560 MW wind energy capacity across six states, and is expected to start work on solar power projects soon. Mytrah Energy secured rights to develop solar power projects through competitive auctions in Punjab and Telangana. In Punjab, the company would develop 50 MW solar PV capacity. Mytrah Energy has pledged to add 5 GW wind energy and 2 GW of solar power capacity over the next 5-7 years.
Mytrah Energy recently raised $95 million in debt funding to finance 100 MW worth of wind energy projects. Late last year the company issued bonds worth Rs 430 crore (around US$70 million), with Merrill Lynch and Apollo Global Management among the investors that subscribed to the bond issue.
Mytrah Energy Limited was listed on the AIM segment of the London Stock Exchange in 2010 raising $80 million from institutional investors such as Capital Group, BlackRock, and Henderson. Since then, the company has raised about $570 million in debt to fund wind energy projects.
Brookfield Asset Management is reportedly looking to acquire stake in Mytrah Energy.