Mytrah Energy raises USD 95 million for Telangana projects

Mytrah Energy is in the process of raising USD 95 million to fund the 100 MW wind power projects that the company is developing in Telangana.
The firm may have won rights to provide substantial portion of 350 MW solar power bids conducted by the Telangana government recently, a senior company official said.
The official, while confirming the deal, refused to divulge the details such as financier and terms of finance.
"The loan -- USD 95 million (Rs 595 crore) -- was sanctioned in end of July. We have not yet started drawing it. It will be mainly used to fund the 100 MW of wind capacity we have undertaken in Telangana," the official told PTI.

With this, the company's fully-funded wind construction pipeline would be 250 MW, he said.
In a recent regulatory filing, the company had said that it aims to bring 200 MW wind power online before the winter season of 2016.

"We have therefore participated in a number of state solar bids, most recently in Telangana, where we bid for 350 MW. Following the conclusion of the bidding process, we understand that the company may have won rights to connect a substantial portion of the 350 MW, but do not yet have formal confirmation," Mytrah said in the filing.
The Telangana government offers 25 year power purchase agreement (PPA) at a fixed tariff while the projects need to be constructed within 12-15 months of signing of the PPA, it further said.

The company added that 14.5 MW wind power in the first quarter of 2015 (company follows January-December financial year) to bring the total operating capacity to 543 MW.
"In line with our previous guidance, we aim to bring 200 MW online before the wind season in 2016," Mytrah added.
The company has tied up with wind turbine manufacturers General Electric and Inox Wind to secure supply for the wind construction pipeline.
Mytrah currently has 543 MW operating portfolio with some plants exceeding 99 per cent mechanical availability, the company said.