Mytrah Energy, the Hyderabad-based renewable power producer, has raised Rs 1,800 crores from Piramal Group’s financial services companies.
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 Holdings (Asia) with part of the facility also providing the required growth capital to the company.
Mytrah owns 2,000MW portfolio of assets that are operational or in various stages of construction.
This facility helps Mytrah streamline its capital structure at a time when several renewable energy firms are striving to reach critical scale of capacity prior to accessing the capital markets via an IPO or an InvIT, according to Mytra officials.
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.”
The renewable energy industry continues to receive support from both central and state governments with the shared objective of reaching 175 GW by 2022 from the current ~57 GW operating capacity.