$175 m ADB loan for Mytrah Energy

Asian Development Bank (ADB) has approved a loan of up to $ 175 million to Mytrah Energy, an independent power producer focused on renewable energy.

It is to help fund development of a portfolio of new wind and solar projects, a release from the company said on Thursday. The projects being financed include wind power projects in Rajasthan, M.P., A.P. and Karnataka and solar power projects in Telangana and Punjab.

The electricity is to be supplied to the respective state power distribution companies under long-term power purchase agreements.

Capacity expansion

“This financing will allow the company to expand its capacity,” said Mayank Choudhary, Senior Investment Specialist in ADB’s Private Sector Operations Department. The decision also supported ADB’s strategy of stepped up financing for renewable energy and increased support for private investment in the sector, he said.

The loan facility “underpins our growth plan. The company expects to reach its medium-term capacity target of 1,000 MW in the coming 12 months,” said Mytrah Energy India Chairman Ravi Kailas.

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