Renewables player Mytrah raises Rs 1,800 crore from Piramal

HYDERABAD: Hyderabad-based renewable energy entity Mytrah has announced raising Rs 1,800 crore from Piramal group’s financial services companies in the form of non-convertible debentures (NCDs). These NCDs, with a 7-year tenor, will go into Mytrah group entities — Rs 980 crore into Mytrah Energy (India) and Rs 820 crore into Mytrah Ujjwal Power.

In a statement, Mytrah said the 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 with part of the facility also providing the required growth capital to the company.

These funds will help Mytrah, which currently has a renewable energy portfolio of 2,000 megawatt, spread across nine Indian states, both operational and in various stages of construction, to streamline its capital structure.

India, which currently has a renewable energy operating capacity of around 57 gigawatt, is targeting to reach 175 GW by 2022.