Renewable energy company, Mytrah Energy (India) Pvt Ltd (MEIPL), has announced that Ind-Ra, a Fitch Group company, has upgraded its long-term credit rating by two notches from ‘BBB’ to ‘A-’ and the short-term rating from A3 to A2+.

Vikram Kailas, VC & MD of Mytrah Energy, said: “This development reinforces the fact that we are now more commercially and operationally stable, and primed to take the growth curve to the next level. The upgrade is a reassertion of Mytrah’s strengths, as we work towards achieving our vision of creating a secure energy future for India.”

The advancement in rating for the company was granted based on Mytrah scaling up operations and on its diversification. The company’s operational and committed renewable asset portfolio grew to 2.2GW in FYE18 from 1.75GW in FYE17, with 1.8GW of wind assets and 0.4GW of solar assets.

The EPC capability for wind and solar projects has allowed it to earn EPC margins, which otherwise would have been passed on to original equipment manufacturers. The company's gross margins from the EPC business improved to Rs 350 crore in FY18 from Rs 104 crore in FY17.

Mytrah Energy raised $277 million (Rs 1,800 crore) from Piramal Enterprises Ltd in September 2017 to provide an exit to existing investors and to fund its growth plans. Further, the company intends to replace bridge capital by raising equity from a strategic investor.

Mytrah Energy has over 40 operational and under-development utility-scale projects in the wind and solar power segments across nine Indian states with an aggregate capacity of 2.2 GW.

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