Mytrah Energy Limited, the India-based renewable focused Independent Power Producer, has announced that the Asian Development Bank (ADB) has approved a direct loan facility of up to US$175 million to help fund the development of a portfolio of new wind and solar projects from Mytrah's pipeline.
With this loan facility, the Company expects to reach its medium term capacity target of 1000 MW in the coming 12 months.
The loan will be provided to the projects individually on a project finance basis and detailed documentation for each is currently under negotiation.
In addition, Mytrah has entered into a contract with Risen Energy Co., Ltd, a company based in Zhejiang province, China, for the purchase of up to 175 MW of Solar PV Modules. Risen is a leading, global, Tier 1, "AAA" credit rated manufacturer of high-performance solar photovoltaic products and provider of total business solutions for power generation.
Ravi Kailas, Founder and Chairman of Mytrah, said:
"This is another significant milestone in the development of the Company. The involvement of ADB is further evidence of the growing maturity and quality of our business, and our contract with Risen is an exciting development in our solar division. Together, these underpin our growth plan and we now expect our operating capacity to reach 1000 MW within 12 months."