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Mytrah Energy awaits nod for Singapore listing

According to reports, Mytrah Energy (India) Ltd, an independent power producer (IPP) focussing on the wind energy sector, is awaiting regulatory clearances to list the company on the Singapore Stock Exchange.

The Hyderabad-based company, which is already listed on the Alternative Investment Market of the London Stock Exchange, is seeking Singapore listing to raise funds to fuel its expansion projects. The company is currently going through approvals for the listing process.

Vikram Kailas, Managing Director of Mytrah Energy India, told Business Line, “We should have a capacity of about 500 MW by May-end, and will be among the first IPPs to breach 500 MW of wind generation capacity. We are in the process of firming plans for another 300 MW and orders are now being finalised.”

“The financial closure for the expansion is now underway. About 40 MW is under construction and with the finalisation of orders for 300 MW, we are looking at a capacity of 850 MW,” he said.

“Typically, 1 MW requires about ₹6.5 crore to ₹7 crore. A capacity of 300 MW requires about ₹2,100 crore. This would be met through a combination of debt from domestic lenders such as SBI, IDFC and equity infusion,” he explained.

The company has installed 120 MW in Rajasthan, 80 MW in Gujarat, 100 MW each in Andhra Pradesh, Karnataka and Tamil Nadu and 53 MW in Maharashtra. The 300 MW in the pipeline spans Rajasthan, Andhra Pradesh and Maharashtra.

The company has marquee investors such as Henderson Global, BlackRock, IDFC Project Equity, Legal & General among others.

“Wind energy is a promising way to bridge the demand-supply gap in the country. However, the tariffs offered in different States vary and the policies are inconsistent. The tariffs are as low as ₹3.50 a Kwh in Tamil Nadu, while Karnataka and Gujarat offer ₹4.20 a unit. Andhra Pradesh is at ₹4.70, and Maharashtra at ₹5.81. The ideal tariff would be about ₹5 a unit,” he felt.

Kailas said that State Governments need to encourage clean energy which has immense potential to scale up. Last year, the country added about 2095 MW of wind energy farms taking the overall wind capacity past the 20,000 MW mark.

With the Centre deciding to restart generation-based incentives, it helped add another 2000 MW, he said.

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