GE to invest in India’s wind energy marketAugust 8, 2016
Mytrah Energy acquires investment from GE Energy Financial Services
GE Energy Financial Services has announced that it will be investing $31 million in a wind energy project coming from Mytrah Energy, a leading wind developer that has attracted a great deal of financial support. To date, Mytrah Energy has raised approximately $350 million in financing from several groups, including the Asian Development Bank. The new wind energy project has a maximum capacity of 200 megawatts and is being developed in Andhra Pradesh in India.
Company aims to have 1,000 MW of capacity in operation by 2017
Mytrah Energy notes that attracting investments from GE represents a major endorsement for the company. Mytrah is currently working to expand its presence in India’s wind energy market. Investments will help the company accomplish this goal. By 2017, Mytrah hopes to have as much as 1,000 megawaats of wind capacity in operation. Funding is vital to ensure that this goal is reached on time. The funding that the company has already raised will help expand operations significantly in the coming months.
India’s wind energy market is growing quickly
India is quickly becoming a very attractive wind energy market. The Indian government is beginning to support renewable power more aggressively. This support is helping the wind sector thrive. India currently has 23,439 megawatts of installed wind capacity in place. This capacity is expected to grow significantly in the coming years. India is currently investing in new forms of energy to distance itself from fossil-fuels and become more environmentally friendly. Solar energy is also receiving a great deal of support from the Indian government.
Mytrah Energy is expanding its operations in India
Mytrah Energy accounts for 15 renewable energy projects in eight Indian d states. The company has installed more than 200 wind turbines throughout the country. Efforts to develop new projects in the wind energy market are set to increase thanks to the funding the company has raised. Mytrah Energy has established itself as one of the leading developers in India’s wind energy market.