Hyderabad-based renewable energy producer Mytrah Energy India Pvt. gets an investment of Rs 1,900 crore ($300 million) from Piramal Capital’s Structured Finance Group and Dutch partner APG Asset Management (APG).
Mytrah will get the proceeds through mezzanine debt instruments which will mostly be used to buy out existing investors such as Apollo Global Management, Aion, Goldman Sachs, Bank of America Merrill Lynch and IDFC Alternatives. About Rs 150-200 crore will go toward funding growth and refinancing debt.
AIM-listed Mytrah is one of the largest renewable energy companies in India and has reached 1 GW of wind power generation capacity by adding 417 MW wind projects in one year. In 2016, the company entered into power purchase agreements for 140 MW of solar power capacity, bringing the total to 422 MW in Telangana, Punjab and Karnataka.
The new 400 MW solar business entered the construction phase in Telangana and Punjab, having secured close to $1 billion of finance during the year. Mytrah posted revenue of $362.23 million for the year ended December 31, up almost five times from $74.72 million in the year earlier. This was on the back of higher revenue from power generation and the inclusion of construction revenue.
In addition to the under-construction projects, the company has a pipeline of wind projects exceeding 4,000 MW and is also looking at further developing its solar business, including more large-scale government contracted plants as well as direct sales to private business customers.