Mytrah Energy raises Rs 1,800 crore from Piramal firms

Hyderabad-based renewal power producer Mytrah Energy raised Rs 1,800 crore 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 crore) and Mytrah Ujwal Power Private Limited (Rs 820 crore), the company said.

The funds are being used to take out existing investors including IDFC Alternatives, AION Director Singapore Pte., Merrill Lynch International, Apollo Asia Private Credit Master Fund Pte. Limited, and Goldman Sachs Investment Holdings(Asia) Limited with a part of the funding facility also used as growth capital to the company.

Mytrah Group CEO and managing director 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 has 2,000 MW of renewable energy assets, some under construction, across several states in the country.

According to Mytrah group's joint Managing Director and CFO Shirish Navlekar, the transaction would enable the company to further consolidate its resource base and pave a clear way for continued growth.