Indian wind project developer Mytrah Energy Ltd. has raised US$60 million from nonconvertible debentures to help fund its expansion to beyond 1 gigawatt of capacity.
The new capital came from Merrill Lynch International and Aion Direct Singapore, and takes the form of an US$56 million addition to the existing Indialisted nonconvertible debenture issued by Mytrah Energy (India) Ltd. and a US$4 million loan to Mytrah Energy Ltd.
Mytrah Energy said that together with the cash flow from its existing 543-megawatt operating portfolio and the recently concluded US$70 million financing, this new capital will be sufficient fo tund projects to bring its operating portfolio to beyond 1,000MW.
The new capital came from Merrill Lynch International and Aion Direct Singapore Pte Ltd (“Aion”), and takes the form of an US$56 million addition to the existing Indialisted nonconvertible debenture issued by Mytrah Energy (India) Ltd. and a US$4 million loan to Mytrah Energy Ltd.
Part of the he proceeds will also be used to refinance US$17.6 million of debt. “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 3,500 MW,” said Ravi Kailas, Chairman and CEO of Mytrah Energy Ltd.
