Big move in renewable energy space, Piramal group infuses Rs 1800 cr in Mytrah Energy
Renewable power producer Mytrah Energy has raised Rs 1,800 crore from Piramal Group’s financial services companies. These funds are being invested in the form of non-convertible debentures (NCDs) into two Mytrah group entities — Mytrah Energy (India) (Rs 980 crore) and Mytrah Ujjwal Power (Rs 820 crore). Funds will be used 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 it also providing the required growth capital to the company.
Mytrah is one of the largest private firms in the renewable energy sector with a 2,000 MW 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 the central and state governments with the shared objective of reaching 175 GW by 2022 from the current ~57 GW operating capacity.