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Mytrah Energy

India’s Mytrah Energy Announces $1.9 Billion Solar, Wind Energy Investment

written by saurabh

One of the leading independent power producers in India’s renewable energy sector has announced a huge investment plan in the state of Andhra Pradesh.

Mytrah Energy announced that it will invest Rs 13,000 crore ($1.9 billion) to set up wind and solar power projects in the south Indian state of Andhra Pradesh. The company signed a memorandum of understanding with the state government in this regard at the Partnership Summit held recently.

The investment will split between wind and solar power technologies with 1,000 megawatts planned installation for each. The company expects generation of 4,000 new jobs from this venture.

The projects will be spread across eight districts in the state, including five districts that will host wind energy projects for the first time. The company hopes to have the projects operational within three years of getting all government approvals.

In October last year, Mytrah Energy joined an elite group of project developers that own and operate 1,000 megawatts of renewable energy capacity in India. The company had earlier set the target to achieve this milestone by mid-2017.

Mytrah Energy Limited has a portfolio of wind power generation assets across 15 projects and 8 states. The Company has more than 200 wind masts installed across multiple states in India, providing a pool of information from which to select its future projects. Mytrah Energy currently has an active development pipeline of about 3,000 megawatts of wind and 500 megawatts of solar.

February 12, 2017 0 comment

Renewable Energy

Indian Renewable IPP Mytrah Energy Achieves 1 GW Installed Capacity

written by saurabh

Mytrah Energy has become one of the first renewable IPPs in India to have achieved 1 GW of installed capacity.

Mytrah Energy announced in a press release that it crossed operational capacity base of 1 GW following commencement of operations at Aspari wind energy project in the state of Andhra Pradesh.

“In just six years Mytrah has covered an extraordinary distance and today marks the significant milestone achievement of one gigawatt of wind energy capacity,” Ravi Kailas, Chairman, Mytrah Energy said.

The company is working aggressively to increase its installed capacity base. According to recent media reports, the company is looking to sell an equity stake to private equity funds with a target of raising around $300 million. A third of this funding will be used to retire mezzanine debt taken from IDFC Alternatives. The rest will be used for setting up solar and wind energy projects across the country.

The company has so far raised $825 million, which includes $175 million from the Asian Development Bank (ADB).

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October 26, 2016 0 comment

Renewable Energy

GE Renewable Energy Set To Commission Part of 200 MW Wind Project In India

written by saurabh

GE Renewable Energy has announced a major milestone in development and deployment of new wind energy solutions in India.

In a press release, GE Renewable Energy stated that it completed erection of 30 units of 1.7-103 wind energy turbines at Aspari I wind energy park in the state of Andhra Pradesh. The total capacity of 51 MW is part of the planned 200 MW wind energy park being developed by Mytrah Energy, one of the leading independent power producers in India’s renewable energy sector.

GE Renewable Energy will erect an additional 17 units of 1.7-103 turbines are the wind energy park. The company shall also install 52 units of 2.3-116 turbine.

The wind energy park will also be enabled with GE’s new Energy Forecasting application, part of its Digital Wind Farm ecosystem. The forecasting system will likely help Mytrah Energy more easily predict power generation from wind turbine units. This would not only help the company meet is obligation to forecast power generation, as per the new energy forecast regulations issued by the government, but also to increase revenue generation.

India’s national wind energy target is part of a broader pledge to achieve 40 percent non-fossil fuel generation capacity by 2030. The Aspari project will also support the state government’s commitment to add 9 GW of additional renewable power capacity across Andhra Pradesh over the next five years.

September 30, 2016 0 comment

Renewable Energy

Sungrow To Supply 150 MW Solar Inverters To Mytrah Energy

written by saurabh

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.

August 21, 2016 0 comment

Articles Renewable Energy

India’s Mytrah Energy Beats Annual Wind Energy Capacity Addition Target

written by saurabh

Indian renewable energy projects developer Mytrah Energy has beaten its own capacity addition target for financial year 2016-17.

Mytrah Energy recently announced that it commissioned 283 MW wind energy capacity against the target of 200 MW set for the lady financial year. The total operational wind energy for the company now stands at 826.4 MW.

The company also announced that it commissioned an additional 210 MW wind energy capacity at 3 of its existing projects.

The swift pace of capacity addition is inline with the overall trends seen in India’s wind energy market as a whole. The industry beat the capacity addition target for the financial year by 42%.

Like several other wind energy companies in the country Mytrah Energy has also entered the solar power market. It is currently working to set up 377 MW capacity in the states of Punjab and Telangana. Power purchase agreements for these projects have already been signed. The company also secured rights to develop 45 MW solar power project in the state of Karnataka.

The company has set a target to have 1 GW operational capacity by mid-2017. To meet this target, Mytrah Energy has secured funding worth $175 million from the Asian Development Bank.

May 24, 2016 0 comment