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Mytrah Energy, an independent power producer focussing on wind energy assets, has raised $60 million (about ₹375 crore at ₹62.6 to a $) of new capital in the form of a non-convertible debenture.
Merrill Lynch International and Aion Direct Singapore Pte Ltd have provided the new capital.
This amount is in addition to the existing India-listed non-convertible debenture (NCD) issued by Mytrah Energy (India) Ltd and a $4-million (about ₹25 crore) loan.
Together with the cash flow from its existing 543 MW operating assets portfolio and the recently concluded $70 million (about ₹438 crore) million financing, this new capital provides all of the equity required to take Mytrah Energy’s generating capacity beyond 1,000 MW.
“In four years, our business has grown from an idea to 543 MW of operating capacity, with a future project pipeline of 3,500 MW. This new capital provides the equity we need to take our capacity beyond 1000 MW,” Ravi Kailas, Chairman & CEO, Mytrah Energy Ltd, said in a statement.
As announced in November 2014, the NCD is a long-term five-year instrument with a cash coupon of 12 per cent per annum.
The new capital represents the exercise of the $28-million “greenshoe” option, plus a $32-million extension.
The proceeds will be used to refinance part of existing mezzanine facilities of ₹110 crore and the balance for development of new wind power projects in the company’s pipeline.
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