Mytrah Energy Gets $31 Million Investment from General Electric
August 04 2016 - 4:09AM
Dow Jones News
LONDON--Mytrah Energy Ltd. (MYT.LN) said Thursday an investment
vehicle of General Electric Co. (GE) has agreed to invest up to $31
million in Mytrah Vayu (Tungabhadra) Private Ltd., in exchange for
49% of Mytrah Vayu's shares.
The India-based renewable focused independent power producer
added an additional 51.50 MW has been commissioned at its
Nazeerabad and Nipaniya projects. It's total operating wind
portfolio now stands at 877.9 MW, with an additional 40 MW erected
and under commissioning.
Mytrah also said it has entered into a contract with Sungrow
Power Supply Company, a company based in Hefei, China, to buy up to
150 MW of Solar Central Inverters. Sungrow
Chairman and Chief Executive Ravi Kailas said: "With the company
on track to reach 1000 MW operating capacity by mid-2017, 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."
Shares at 0735 GMT up 3 pence, or 5.83%, at 54.5 pence.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
August 04, 2016 03:54 ET (07:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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