Mytrah Energy raises $277 million from Piramal group
Renewable energy company Mytrah Energy has raised $277 million (about Rs. 1,800 crore) from Piramal Group. The funding is made into Mytrah Energy’s Indian subsidiaries in the form of non-convertible debentures (NCDs). The NCDs have a 7-year tenor and are invested in Mytrah Energy (India) Pvt Ltd (approximately $150 million, unlisted NCDs) and Mytrah Ujjwal Power Pvt Ltd (approximately $127 million, NCDs listed on the BSE).
The proceeds will be used to replace the existing investments from IDFC Alternatives Ltd, AION Capital, Merrill Lynch and Goldman Sachs, with part of the facility also providing growth capital to the company.
Ravi Kailas, Chairman, Mytrah Energy Ltd, said: “This transaction is another example of Mytrah’s ability to build our business without diluting shareholder equity. Our story so far has been one of rapid growth enabled by cost-effective funding, rigorous project execution and the efficient operation of our portfolio of power generating assets.”
“Attracting an investor of Piramal’s stature reaffirms the quality of Mytrah’s operating portfolio and the resulting strong, stable and well diversified cash flow it generates. This transaction also simplifies our financial structure, improves transparency and provides resources to underpin our future growth,” he further stated.
Mytrah Energy Ltd, the independent power producer focussing on renewables, is listed on the AIM segment of the London Stock Exchange. The company is one of the largest IPPs in the country’s renewable energy sector with a portfolio of 2,000 MW of operational and under development renewable power projects across 9 Indian states.