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Mytrah Energy raises $60 million from Merrill Lynch International and Aion Direct Singapore

Tags: Mytrah Energy Limited, Merrill Lynch International, Aion Direct Singapore, Independent Power Producers, renewable energy, Apollo funds

April 17, 2015 | COMMENTS ( 0 )

Mytrah Energy raises $60 million from Merrill Lynch International and Aion Direct Singapore

Mytrah Energy Limited, the India-based renewable energy focused independent power producer, has announced that it has raised $60 million from Merrill Lynch International and Aion Direct Singapore in the form of a non-convertible debenture.

Mytrah Energy, the pioneer and one of the largest Independent Power Producers ('IPP') in renewable energy, in India, with 543MW power generation across 10 projects and 6 States. The company has 172 wind masts installed across multiple states in India. Mytrah currently has a development pipeline of about 3500MW.

“Together with the cash flow from its existing 543 MW operating portfolio and the recently concluded $70 million financing, this new capital provides all of the equity required to take Mytrah Energy's generating capacity beyond 1000 MW,” stated the company’s official release.

As announced on November 21st 2014, 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 Rs 28 million "greenshoe" option, plus a $32 million extension. The proceeds from this issue will be used primarily to refinance part of existing mezzanine facilities of Rs.1, 100 million (approx. $17.6 million) and the balance for development of new wind power projects from the company's extensive pipeline.

As part of the $32 million extension to the NCD, the company has issued additional warrants giving the NCD investors the option to purchase a total of 2,827,350 shares in Mytrah Energy Ltd. at a strike price of $ 1.2 per ordinary share. These warrants represent 1.5 per cent of the company's issued share capital post exercise, and can be exercised at any time during the 5 year lifetime of the NCD. This brings the total warrants in issue under this structure to 6.5 per cent of the company's issued share capital post exercise.

Ravi Kailas, Chairman and CEO, Mytrah Energy, said, "I am delighted to extend a warm welcome to Aion, which joins Bank of America Merrill Lynch and Apollo funds in this total $130 million capital raise. In four years, thanks to the support from our enthusiastic partners and an entrepreneurial team, our business has grown from an idea to 543 MW of operating capacity, with a future project pipeline of 3500 MW. This new capital provides the equity we need to take our capacity beyond 1000 MW.”

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