General Electric, the US conglomerate, has committed $31 million to a 200MW wind project in India.
The investment will help Mytrah Energy, an Indian-based renewables developer, develop the facility in Andhra Pradesh. The commitment was made by Guayama PR Holdings, an investment vehicle of GE Energy Financial Services.
The news comes as US and Indian companies establish increasingly close ties in a bid to roll out renewable energy across the Asian country.
After meeting in June, Indian Prime Minister Narendra Modi and US President Barack Obama pledged increased business cooperation to help India meet its ambition to generate 175GW from renewable sources by 2022.
GE’s investment represents 49 percent of the capital needed to finish the Andhra Pradesh project.
“Attracting investment from GE is a huge endorsement of Mytrah's operations and its growing position in India's power market, and we are delighted to have successfully completed this fund raising,” Mytrah chief executive Ravi Kailas said in a statement. “These new funds will help to maintain positive momentum as we enter the next development stage and support the construction of a major power project.”
Mytrah’s operating wind portfolio generates a combined 877.9MW. The company has a current development pipeline of 3GW of wind projects and 500MW of solar.