InvIT May Buy Operational Renewable Projects Of Mytrah Energy

In Clean News, News, Renewable Energy, Solar

The newly launched private InvIT that is co-owned by the Piramal Group and Canadian pension fund CPPIB seems keen on buying operational renewable power projects of Mytrah Energy, making the potential acquisition the first set of assets for the newly launched fund.

In 2017, Piramal had provided loans worth $277 million to Mytrah through non-convertible debentures and the amount will be due in the next few years.

Mytrah had used the funds to provide exit options to existing investors such as IDFC Alternatives, AION Capital, Merrill Lynch and Goldman Sachs.

Both the partners know Mytrah Energy assets well and discussions are on for some time now, moreover as stated above Piramal does not want the Mytrah Energy debt to be a non performing asset since it had given loan and is thus keen to acquire the operational assets of Mytrah at the earliest.

Mytrah has built 2000-MW of operational and in-the-works renewable power. These assets are spread across 15 wind farms in nine states — Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Punjab and Tamil Nadu.

Mytrah sells power mainly to state grids through long-term Power Purchase Agreements (PPAs).

In addition, its 100.5-MW Tamil Nadu project sells directly to industrial buyers in short-term deals.

Last September, Mytrah Energy (India) had entered into a PPA with Solar Energy Corporation of India (SECI) to build a 300-MW wind energy project in Tamil Nadu.

Mytrah Energy (India) reportedly has the country’s largest wind data bank. However officially companies have declined to comment thus far.

Reference- Economic Times

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