Mytrah Energy raises $ 60 million through NCDs

Mytrah Energy Limited, a renewable energy-focused independent power producer from India, today announced it had raised $60 million (approx Rs 372 crore) of new capital in the form of a non-convertible debentures (NCD).

Together with the cash flow from its existing 543-Mw operating portfolio and the recently-concluded $70 million financing, the new capital provides all of the equity required to take Mytrah’s generating capacity beyond 1,000 Mw, the company said in a statement.

The new capital has been provided by Merrill Lynch International and Aion Direct Singapore Pte Limited in addition to the existing India-listed NCD issued by Mytrah Energy (India) Ltd and a $4-million loan to Mytrah Energy Ltd.
 

The NCD is a long-term 5-year instrument with a cash coupon of 12 per cent per annum. The new capital represents the exercise of the $28-million greenshoe option and a $32-million extension, according to the company. The proceeds from this issue will be used primarily to refinance part of existing mezzanine finance of Rs 110 crore and the balance for development of new wind power projects.

Ravi Kailas, chairman and CEO of Mytrah Energy, which is listed on the secondary market of London Stock Exchange, said Aion had joined the Bank of America Merrill Lynch and Apollo funds in this total $130 million capital raise. The company operates wind projects in six states including Andhra Pradesh.