GE Financial Services invests in 200 MW wind farm in Andhra Pradesh

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GE Financial Services invests in 200 MW wind farm in Andhra Pradesh

Mytrah, the India-based renewable focused Independent Power Producer, has announced that Mytrah Vayu (Tungabhadra) Private Limited (MVTPL), subsidiary of Mytrah Energy (India) Private Limited, has entered into a definitive agreement with Guayama P.R. Holdings B. V., an investment vehicle of GE Energy Financial Services, whereby GE has agreed to invest up to US$31 million in MVTPL to support the development of a 200 MW wind energy project in Andhra Pradesh. GE will invest up to 49% of the capital of MVTPL.

Further to its announcement on 13 May 2016, regarding the surpassing of the wind capacity target for the start of the wind season, Mytrah confirms that an additional 51.50 MW has been commissioned at its Nazeerabad and Nipaniya projects. 31.50 MW was added to the Nazeerabad project while 20 MW was commissioned at the new Nipaniya project in Madhya Pradesh State. The company's total operating wind portfolio now stands at 877.9 MW, with an additional 40 MW erected and under commissioning.

Mytrah has continued the momentum achieved during Q1 2016 and the progress of new wind projects is as follows:

Project

Capacity

Substation Progress

Export Line Progress

Wind Turbine Progress

Vajrakarur 2

105 MW

Complete & Charged

Complete & Charged

50 turbines commissioned and

revenue generating

Nazeerabad

96.6 MW

Complete & Charged

Complete & Charged

46 turbines commissioned and

revenue generating

Nidhi Wind Farms

62.9 MW

Complete & Charged

Complete & Charged

37 turbines commissioned and

revenue generating

Nipaniya

 

20 MW

Complete & Charged

Complete & Charged

10 turbines commissioned and

revenue generating

40 MW Erected

40 MW

Complete & Charged

Complete & Charged

Erection of turbines complete; commissioning in progress

Additional 87 MW in construction

Target commissioning mid-2017

70% Complete

60%
Complete

Foundation construction and turbines erection in progress

Commenting on the update, Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said:

"Attracting investment from GE is a huge endorsement of Mytrah's operations and its growing position in India's power market, and we are delighted to have successfully completed this fund raising. With the Company on track to reach 1000 MW operating capacity by mid-2017, these new funds will help to maintain positive momentum as we enter the next development stage and support the construction of a major power project."

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