London-based independent power producer Mytrah Energy raises Rs 430 crore

Mytrah Energy, a London-based independent power producer, said on Thursday that it has raised Rs 430 crore (approx USD 70 million) of new financing from Merrill Lynch International and funds managed by affiliates of Apollo Global Management.

The company, in a statement, also said the proceeds from this issue will be used primarily to refinance an existing Rs 90 crore (approx USD 15 million) mezzanine facility provided by IDFC and for the development of new wind power projects from the company's extensive pipeline including equity contribution for the portfolio to reach 1000 MW.

The funding in the form of bonds is expected to be listed on BSE.

The financing also contains a "greenshoe" option to extend the bond by a further Rs 170 crore (approximately USD 28 million), which would bring the total to Rs 600 crore (approximately USD 98 million), it added.

Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd said, "The confidence shown in us by Bank of America Merrill Lynch and Apollo is powerful validation of our business model." Currently, the company has an operating portfolio of over 542 MW across six states in the country – Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, Gujarat and Rajasthan, it added.