Hyderabad-based Mytrah Energy India Ltd (MEIL), a wholly owned subsidiary of London Stock Exchange-listed Mytrah Energy, is acquiring 59.75 MW of operational wind power assets in Tamil Nadu and Maharashtra for an undisclosed amount. The firm has not disclosed the name of the seller.
These assets, which have an average age of under 12 months, comprise turbines from Gamesa, ReGen and Enercon.
In a stock exchange statement, Mytrah said it has received conditional offers for debt financing for the acquisition which is subject to regulatory approval and formal documentation.
Mytrah Energy is expected to benefit from the acquisition—that will be completed in October 2012—from the 2013 wind season in Indian that usually runs from the beginning of March to the end of September.
The firm had disclosed the proposed acquisition in March this year. It had said the deal is subject to no objection certificate from existing lenders for the transfer of the senior debt for the assets to Mytrah and the completion of due diligence. With the proposed acquisition, the company’s total portfolio of operational assets is expected to increase to 370 MW.
The firm previously expected to have a total of 334 MW capacity going into the 2013 wind season. It is also expected to reach over 600 MW fully connected and operational assets in 2013.
Recently, Mytrah Energy has also repositioned the timing of some of its development pipeline and has discontinued its interest in the 24 MW project at Gotne in Maharashtra. The 31.25 MW project at Sautada in Maharashtra that formed part of the 270 MW previously announced for delivery in 2013, will be moved into the company’s 2014-15 development pipeline.
Founded in 2010, Mytrah owns and operates wind farms in India. The company, formerly known as Caparo Energy Ltd, changed its name to Mytrah in September 2011. It has projects in various stages of development in Rajasthan, Gujarat, Maharashtra, Andhra Pradesh and Karnataka.
Early this year, the firm signed sanction letters with SBI for the Burgula and Savalsang projects and with PTC India Financial Services (PFS) for the Vagarai project. For the 2013 projects, SBI and PFS are the lead banks providing the majority of the senior debt; the balance of the senior financing will be spread across the company’s existing senior debt providers.
The total senior debt for the 2013 projects is Rs 1,100 crore; this will be drawn down during 2013 as the assets are constructed and commissioned.