Risen Energy Co., a Chinese Tier-1 producer of solar PV modules, has signed a 175 MW supply deal with Indias Mytrah Energy for the delivery of its high-efficiency 60-cell and 72-cell panels.
Mytrah Energy recently secured a direct loan facility worth $175 million with the Asia Development Bank (ADB) to assist its growth plans within India, which include the option of purchasing a further 50 MW of Risen modules, the company confirmed.
Mytrahs chairman, Ravi Kailas, remarked that the involvement of ADB is "further evidence of the growing maturity of our business"; words that were echoed by Risen CSMO Bypina Veerraju Chaudary.
"Mytrahs severe selection process looks acutely into technological, quality, state-of-the-art manufacturing facilities, service, communication and financial stability, and we are pleased to have measured up to their criteria," Chaudary said.
The ADB has been a proactive investor in the Indian solar market in recent months, and recently signed a memorandum of understanding (MoU) with the U.S. Agency for International Development (USAID) to the tune of $848 million to support solar projects in India. ADB has put forward $500 million, with USAID supplying the remainder.
Meanwhile, Indian wind power company Suzlon announced this week that it has purchased five solar companies in India as it ramps up its clean energy portfolio in the country.