Mytrah to Sell Equity Stake for Raising $500 million

Mytrah Energy (India) Pvt. Ltd is in talks with potential investors to raise $500 million by selling a stake in the company. If successful, the transaction will be one of the biggest in India’s clean energy industry.

While 78% of the Mytrah Energy is owned by promoters and family, the balance 22% is held by investors including Capital Group, Blackrock and Henderson. Mytrah has built an operational renewable energy portfolio of around 1,600 megawatts (MW) and plans to reach 2,000MW in four months.

In September, the company raised $277 million from Piramal Group.

The proceeds were used to buy out the stakes of existing investors IDFC Alternatives Ltd, AION Capital, Merrill Lynch and Goldman Sachs, as well as to fund the growth of the company.

Mytrah Energy, which listed on AIM on October 2010 after raising $80 million from institutional investors, has 16 operational wind power projects across eight states of Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

The firm is also developing solar projects in Telangana, Punjab and Karnataka.