After Sembcorp, IDFC Alternatives announces exit from Mytrah Energy

India Infrastructure Fund (IIF), a fund managed by IDFC Alternatives Ltd, has successfully exited its investment in Mytrah Energy (India) Pvt Ltd (MEIPL). This is the second announcement of an exit from IDFC Alternatives, one of the largest domestic multi-asset class fund managers, with over $3.6 billion under management.

On August 31, 2017, it had announced its exit agreement with Sembcorp Utilities (Sembcorp) for the balance of its investment in Sembcorp Green Infra Limited (SGI) for Rs 1,410.2 crore.

Through IIF, IDFC Alternatives invested Rs 350 crore in the form of compulsory convertible preference shares in MEIPL. "The growth capital invested into the company enabled it to grow rapidly from a very small asset base of about 50 Mw to 500-plus Mw in a span of 3-4 years and subsequently reach a 2,000 Mw base of operating and under construction assets at present," said IDFC Alternatives in a press statement. For IIF, this was a landmark structured investment and one of its largest early-stage bets in the sunrise renewable sector. 

M K Sinha, Managing Partner & CEO, IDFC Alternatives Ltd said, “We are very pleased to have supported the growth of Mytrah from 50 MW to the current base of 2000 MW of operating and under construction assets. Mytrah has demonstrated not only operating and execution excellence but also a track record of honouring all commitments towards its stakeholders in full measure. It's for this reason that we look forward to supporting the group in the future as well.”

Ravi Kailas, chairman and CEO, Mytrah Group, said, "Ours has been much more than a financial partnership. The guidance and knowledge sharing from IIF through this journey has been very valuable.”

IDFC Alternatives is a wholly-owned subsidiary of IDFC. It is also an advisor and investment manager of IDFC sponsored funds across private equity, infrastructure and real estate. IDFC Alternatives is one of India’s largest multi-asset class fund managers with assets under management of approximately Rs 17,000 crore. IDFC Alternatives is active across three key asset classes- private equity, infrastructure and real estate.

Mytrah Energy (India) Private Limited is the India-based subsidiary of Mytrah Energy Limited, a renewable power producer listed on the AIM segment of the London Stock Exchange. 

Both SGI and Mytrah are among the largest independent power producers in the Indian renewable energy sector. Mytrah has a portfolio of 2,000 Mw of operational and under development renewable power projects across nine Indian states (Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu). Mytrah also has one of the largest wind data banks in India with over 200 wind mast locations across the country

SGI has close to 1,200 megawatts of wind and solar power capacity in operation and under development. It was awarded 250 megawatts in India’s first national wind power tender earlier this year.