Mytrah close to raising Rs800 crore from Piramal SFG
Renewable energy producer Mytrah Energy India Pvt. Ltd is close to raising around Rs800 crore (about $120 million) from Piramal Enterprises Ltd’s Structured Finance Group (SFG), three people aware of the development said.
Talks are at an advanced stage and the deal is expected to be closed by October end, they said.
Hyderabad-based Mytrah Energy, one of the largest in the renewables sector, operates about 920 megawatts (MW) of wind energy capacity and recently won projects for about 500 MW of solar energy capacity.
The fundraising comes ahead of the company’s plans to go public. In September, Mint reported Mytrah Energy has hired investment banks Nomura Financial Advisory & Securities (India) Pvt. Ltd and IDFC Bank Ltd to start working towards a public listing that could see the firm raise between $250 million and $300 million.
“The funding from Piramal will help Mytrah in refinancing part of its existing debt and also fund the development of its project pipeline,” said one of three people cited above, requesting anonymity as the talks are private.
Mytrah had long-term borrowings of $752 million as of 30 June, data from its website shows.
In April 2015, Mytrah raised $60 million in debt funding from Merrill Lynch International and Aion Direct Singapore. Earlier in November 2014, the firm had raised another tranche of debt worth around $70 million from Merrill Lynch International and funds managed by affiliates of Apollo Global Management Llc.