The Asian Development Bank (ADB) has approved loans totalling $175 million to support the development of up to 1,200 GWh a year of clean energy.
The Indian arm of Mytrah Energy will use the proceeds to build wind projects in Rajasthan, Madhya Pradesh, Andhra Pradesh and Karnataka with a combined capacity of 476MW as well as solar projects in Telangana and Punjab with a total capacity of 100MW, according to an ADB statement.
ADB expects the plants to be fully developed and commissioned by April 2017. The generated power will be sold to state power distribution companies under long-term power purchase agreements.
Mytrah Energies has 10 operating wind sites over six states with a combined capacity of 616.6MW. It first ventured into solar power last year and aims to build a 1GW portfolio of projects over the next 12 months.
“The company has a strong track record of developing renewable energy projects and this financing will allow it to expand its capacity, resulting in substantial benefits including reduced fossil fuel use and strengthened energy security for India,” said Mayank Choudhary, senior investment specialist in ADB’s private sector operations department.
The transaction forms part of ADB’s commitment to scale up clean energy financing to $6 billion a year by 2020.
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