New US$175m loan to take Mytrah to 1000 MW

07 April 2016

Mytrah Energy Limited

("Mytrah" or the "Company")

New US$175m loan to take Mytrah to 1000 MW

Company also signs 175MW Solar PV Modules purchase contract

Mytrah, the India-based renewable focused Independent Power Producer, is pleased to announce that the Asian Development Bank (ADB) has approved a direct loan facility ("the Loan") 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 ("Risen"), a company based in Zhejiang province, China, for the purchase of up to 175MW 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, Chairman, 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 1000MW within 12 months."

For further information please visit www.mytrah.com or contact: 

About Mytrah Energy Limited

Mytrah Energy Limited (AIM: MYT) is a pioneer and one of the largest Independent Power Producers ('IPP') in renewable energy in India, with 616.5 MW of wind power generation across 11 projects and 6 States. The Company has 211 wind masts installed across multiple states in India, providing a rich source of information from which to select its future projects. Mytrah currently has an active development pipeline of about 3500 MW of wind and 500 MW of solar.