One of India’s rapidly growing renewable IPPs – Mytrah Energy – has placed a major order for inverters to be installed at solar power projects.
According a press release, Sungrow will supply inverters for 150 MW solar power capacity to Mytrah Energy. The inverters shall be installed at solar power projects coming up in the states of Telangana and Punjab.
Mytrah Energy started off as a wind energy project developer but like several other competitors it, too, ventured into solar power market. The company secured a total capacity of 377 MW in Telangana and Punjab solar power auctions. It also won rights to develop 45 MW capacity in Karnataka.
The company recently took steps to initiate work on solar power projects. It announced plans to raise approximately $185 million through equity finance for solar power projects. The company was looking to secure enough funds to achieve financial closure for 380 MW worth of solar power projects over the next 6 to 8 months.
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.
