Mytrah Energy India Limited has raised Rs. 1,200m (US$ 17.5m) by way of a mezzanine financing which will be subscribed for by Bindu Urja Infrastructure Limited and Mytrah Wind Developers Private Limited, companies owned by the Bindu Trust a Jersey based discretionary trust settled by Ravi Kailas, Chairman and CEO of Mytrah Energy. The Preference Shares will be subscribed for at a par value of Rs. 300 per share, will carry a nominal dividend of 0.01% per annum and are redeemable at par on the 20th anniversary of their issue.
The Company expects to announce, its first orders for delivery of new capacity in 2014. The additional financing announced today, along with strong internally generated cash flows and the continued support of its banks, will allow for the continued rapid expansion of Mytrah’s portfolio, which currently stands at 309.9 MW, with a further 238.2 MW under the final stages of development and on track for completion in Q4 2013. The Company expects to have operational assets of 1,500 MW during 2015.
The company further announced that the construction at Mytrah’s three sites currently under final development, being Burgula (37.4 MW), Savalsang (100.3 MW) and Vagarai (100.5 MW), is proceeding in line with expectations. Across the three sites a large number of turbines have now been erected and with the completion of the balance of plant works, these will begin to be connected to the grid on a rolling basis. When completed the project will increase Mytrah’s installed capacity to a total of 548.1 MW of operational assets.