Mytrah, the Hyderabad-based renewable power producer has raised Rs 1,800 crores from Piramal Group’s financial services companies. The funds are being invested in the form of non-convertible debentures (“NCDs”) with a 7-year tenor into two Mytrah Group entities, Mytrah Energy (India) Private Limited (Rs. 980 crores) and Mytrah Ujjwal Power Private Limited (Rs. 820 crores). The funds will be used to take out existing investors including IDFC Alternatives Ltd., AION Direct Singapore Pte. Ltd., MerrillLynch International, Apollo Asia Private Credit Master Fund Pte. Ltd. and Goldman Sachs Investment Holdings (Asia) Ltd. with part of the facility also providing the required growth capital to the company.
Mytrah is one of the largest private firms in the renewable energy sector with a 2,000MW portfolio of assets that are operational or in various stages of construction. This facility helps 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. The industry continues to receive support from both central and state governments with the shared objective of reaching 175 GW by 2022 from the current ~57 GW operating capacity.
Mytrah Group CEO and Managing Director, Mr. Vikram Kailas, said "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.”
Mytrah Group Joint MD and CFO, Mr. Shirish Navlekar, said, “Mytrah’s story has been one of capital efficient growth fuelled by significant funding raised from various non-dilutive sources. The current transaction is yet another example of the kind of unique financing structures that Mytrah is recognized for. This transaction will enable us to further consolidate our resource base and pave a clear way for continued sustainable growth.”
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