Hyderabad-based power producer Mytrah Energy (India) Ltd said on Thursday it will raise up to $175 million (Rs 1,164 crore) in loans from the Asian Development Bank to fund its wind and solar projects.
“This loan facility underpins our growth plan; the company expects to reach its medium term capacity target of 1000 MW in the coming 12 months,” said Ravi Kailas, chairman, Mytrah Energy.
The wind power projects are in Rajasthan, Madhya Pradesh, Andhra Pradesh and Karnataka while the solar power projects are in Telangana and Punjab.
The company will supply the electricity generated from these projects to respective state utilities under long-term agreements, it added.
Mytrah’s parent listed on London’s AIM platform in 2010 after raising $80 million from institutional investors Capital Group, BlackRock Inc and Henderson Global Investors. It has separately raised money since then to fund its projects.
In April 2015, Mytrah raised $60 million through non-convertible debenture from Merrill Lynch International and Aion Direct Singapore.
There is greater activity in India's renewable energy sector after the government fixed an ambitious target to quadruple the country's renewable power capacity to 175 gigawatts by 2022 as part of plans to supply electricity to every household. The total renewable energy capacity at the start of 2015 was about 34 GW. The government is targeting 100 GW of solar capacity, 60 GW of wind power, 10 GW of biomass and 5 GW of small hydro projects.