The Hyderabad-based renewable power producer, Mytrah Energy has raised Rs 1,800 crores from Piramal Group’s financial services companies. It will be using this fund to take out existing investors including IDFC Alternatives, AION Direct Singapore, Merrill Lynch International, Apollo Asia Private Credit Master Fund and Goldman Sachs Investment Holdings (Asia) with part of the facility also providing the required growth capital to the company.
Mytrah owns 2,000MW portfolio of assets that are operational or in various stages of construction. This transaction is a tremendous vote of confidence from marquee investor. It marks another milestone in Mytrah’s journey and provides additional impetus for the firm’s next phase of growth. About Rs 150-200 crore will go toward funding growth and refinancing debt. This will help Mytrah streamline its capital structure at a time when several renewable energy firms are striving to reach critical scale of capacity prior to accessing the capital markets via an IPO or an InvIT.
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.
