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| Historic Contract between Risen & Mytrah |
Mytrah's financial pipeline was recently reinforced with the approval of a US$175 million direct loan facility from Asia Development Bank (ADB). Further details have also emerged in relation to the specifics for materials supply during 2016; 175MWp and an option on a further 50MWp of Risen high-performance solar PV modules. This confirmation subsequently allows both parties to tactically approach their commitments to providing clean energy in line with government expectations, whilst simultaneously challenging the misconception that the solar PV supply chain needs to be a war of attrition.
"Clearly Mytrah is delighted with the recent developments," said Mr. Ravi Kailas, Mytrah's Chairman. "This is another significant milestone in the development of the Company. The involvement of the ADB is further evidence of the growing maturity of our business, and after extensive review of potential suppliers, their quality, and capabilities, our contract with Risen is an exciting development in our solar division."
"Risen would like to congratulate Mytrah as its credibility is once more underlined with the ADB loan approval," said Mr. Bypina Veerraju Chaudary, CSMO of Risen. "Having interacted diligently with Mytrah's personnel over the last nine months, exploring the total cost of ownership for energy generation systems, it is obvious that Mytrah is well inside the 'serious league'. Mytrah's severe selection process looks acutely into technological, quality, state of the art manufacturing facilities, service, communication, financial stability, and commercial foci, and we are pleased to have measured up to their severe criteria."
The projects will utilise Risen high-performance solar PV modules, in 72 and 60 cell configuration, with the installations spread across the Indian sub-continent allowing further environmentally secure, commercially viable benefits to end users, and all parties concerned.
About Risen
Risen Energy is a leading global Tier1 "AAA" credit rated manufacturer of high-performance solar photovoltaic products and provider of total business solutions for power generation. The Company, founded in 2002 and publicly listed in 2010, compels value generation for its chosen global customers. Techno-commercial innovation, underpinned by consummate quality and support, encircle Risen total Solar PV business solutions which are among the most powerful and cost effective in the industry. With local market presence, and strong financial bankability status, we are committed, and able, to building strategic, mutually beneficial collaborations with our partners, as together we capitalise on the rising value of green energy.
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