Piramal Group has announced that it strategies to procure operational renewable power projects of Mytrah Energy, making the latent procurement the primary set of assets in the recently launched private InvIT that is co-owned by the Piramal Group and Canadian pension fund CPPIB.
Both partners are keen as Piramal and CPPIB recognize Mytrah Energy assets well and deliberations are on for some time.
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.
“Piramal does not want the Mytrah Energy debt to be a non performing asset and is thus keen to acquire the operational assets of Mytrah at the earliest,” said the second person.
Mytrah retails power primarily 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 arrived into a PPA with Solar Energy Corporation of India (SECI) to build a 300-MW wind energy project in Tamil Nadu. Mytrah Energy (India) apparently has the country’s largest wind data bank.
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