LONDON (Alliance News) - Mytrah Energy Ltd Thursday said it has secured a new loan facility worth up to USD175.0 million in order to fund the development of a string of new projects that will ultimately push its generation capacity over the 1,000 megawatt mark within the next 12 months.
The independent power producer operating within India has secured the direct loan facility from the Asian Development Bank, and the company will use the funds to develop new wind and solar projects that lie within Mytrah's pipeline.
Importantly, the loan will be provided in stages, with the tranches to be based on each individual project on a project finance basis. The details of that are currently being negotiated, the company said.
Importantly, Mytrah said the loan facility will ultimately allow it to push its generation capacity target over the 1,000 megawatt mark over the next 12 months, allowing Mytrah to achieve its medium term target.
To put that into some form of perspective, Mytrah said last month that its generation capacity increased 10% during 2015, adding it had continued to increase in early 2016 to stand at 616.5 megawatts on March 3.
Mytrah had said that it planned on having 783.0 megawatts at the start of the wind season in 2016, which was 40.0 megawatts ahead of its previous guidance.
That suggests Mytrah is looking to get at least a further 217.0 megawatts of generation capacity up and running over the next 12 months, on top of the increase expected before the start of the wind season, in order to reach its medium term target of 1,000 megawatts.
In addition, Mytrah has signed a contract with a China-based company called Risen Energy Co Ltd, whereby the London-listed company will purchase up to 175.0 megawatts worth of solar PV modules from Risen, which manufactures the solar photovoltaic products.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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