Mytrah Energy raises Rs 1,800 cr

Mytrah Energy, the Hyderabad-based renewable power producer, has raised Rs 1,800 crore from Piramal Group's financial services companies.

The funds are being invested in the form of non-convertible debentures with a 7-year tenure into two Mytrah Group entities, Mytrah Energy (India) Pvt Ltd (Rs 980 crore) and Mytrah Ujjwal Power Pvt Ltd (Rs 820 crore), the firm said in a statement on Monday.

The funds will be used to take out existing investors including IDFC Alternatives Ltd., AION Direct Singapore Pte. Ltd., Merrill Lynch International, Apollo Asia Private Credit Master Fund Pte. Ltd. and Goldman Sachs Investment Holdings (Asia) Ltd. with part of the facility also providing the required growth capital to the company.

Mytrah is one of the largest private firms in the renewable energy sector with a 2,000MW portfolio of assets that are operational or in various stages of construction.

"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," said Mytrah Group CEO and Managing Director Vikram Kailas.

--IANS

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