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Piramal Group to buy renewable power projects of Mytrah Energy

Monday, 13 May 2019
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Piramal Group is planning to purchase operational renewable power projects of Mytrah Energy (India). The purchase will make potential acquisition of the first set of assets in the newly launched private InvIT that is co-owned by the Piramal Group and Canadian pension fund CPPIB.

In 2017, Piramal Group had provided loans worth USD 277 million to Mytrah Energy (India) through non-convertible debentures and the amount will be due in the next few years.

Mytrah Energy (India) had used the funds to provide exit options to the existing investors such as IDFC Alternatives, AION Capital, Merrill Lynch and Goldman Sachs. It has built 2,000 MW of operational and in-the-works renewable power. These assets are spread across 15 wind farms in nine states — Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Punjab and Tamil Nadu.

Mytrah Energy (India) sells power mainly to state grids through long-term power purchase agreements (PPAs). In addition, its 100.5 MW Tamil Nadu project sells directly to industrial buyers in short-term deals. In September 2018, Mytrah Energy (India) had entered into a PPA with the Solar Energy Corporation of India (SECI) to build 300 MW wind energy project in Tamil Nadu.

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