HYDERABAD, SEPTEMBER 13: Renewable energy company Mytrah is set to cross the magic 2 Giga Watt (2,000 MW) of installed generation capacity, both wind and solar, by March 2018.
Hyderabad-based independent power producer Mytrah Energy Limited is set to close a major financial transaction to fuel its expansion plan.
The company is at an advanced stage of finalising the transaction with the Piramal group.
“We are in the process of finalising a transaction and will soon be able to provide the details,” Vikram Kailas, Managing Director of Mytrah, told BusinessLine.
The company has an installed capacity of 1,400 MW of renewable energy, and projects adding up to 600 MW are under various stages of implementation.
“The company had also won a 250 MW wind project in Tamil Nadu to be implemented at ₹3.46 per unit.,” he said. Interacting with this correspondent, who visitedthe company’s 108 MW Nazeerabad wind farm located about 75 km from here, he said, “Over the years, we have put in place systems which will enable us to implement 600-800 MW in a year. The Indian market has matured and a number of opportunities are coming up.”
On capital expenditure, he said the funding for the ongoing projects has been tied up and will take us through the 2 GW mark.
“Apart from a major strategic investment deal, we are looking at raising funds through Green/Masala Bonds and have enlisted the services of consultants. We may also consider initial public offer (IPO) next year,” he said.
On the company’s solar ventures, he said of the 500 MW now under implementation, 400 MW, with an investment of about ₹3,000 crore, will come up across 16 locations in Telangana taken up under the distributed model of development.
The company has developed a technology platform which enables it to monitor its assets located across the country from a single command centre.
The company is in the process of considering offering these services to third party IPPs.
The Nazeerabad farm located in Pargi mandal has been the first major wind asset in Telangana, which is not known for wind speeds. However, the new generation turbines have made it possible to set up the plant, he added.
There are indications that Piramal Capital and APG Asset Management will infuse about $300 million in Mytrah as a part of a debt finance deal.
A formal announcement is likely soon.