Indian renewable energy companies are on a fundraising spree these days, with plans to contribute as much as possible towards the achievement of the ambitious capacity addition targets set by the government.
Independent renewable power producer Mytrah Energy recently announced that it secured debt funding worth $175 million from the Asian Development Bank. The funding will be used for the implementation of wind and solar power projects.
Mytrah Energy plans to have an operational capacity of 1 GW within 12 months. The company aims to add 2 GW of solar power capacity and 5 GW of wind energy capacity over the next 5 years. The company operates a large capacity of wind energy projects but has also recently entered the solar power market. It won rights to develop a 50 MW solar PV project in Punjab last year.
While announcing the approval for debt financing from ADB, the company also announced that it signed a contract with Chinese modules manufacturer Risen to procure modules worth 175 MW.
Last year, the company was reported to have been looking to raise $185 million through equity funding for solar power projects.
Mytrah Energy is backed by some of the leading funds globally — Goldman Sachs, Apollo Funds, and Merrill Lynch International are all among the groups that have invested in the company. 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.