Mytrah Energy Gets $31 Million Investment from General Electric

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 [e-mail]; @IanWalk40289749

(END) Dow Jones Newswires

August 04, 2016 03:54 ET (07:54 GMT)

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