Mytrah Energy India Ltd has raised R100Cr – mezzanine funding from PTC India Financial Services Ltd.

This was the third tranche of funding received by the Mytrah as part of a total mezzanine funding to $132 million.

There would be no equity dilution for Mytrah Energy's existing shareholders from the funding. The Group expects to repurchase all tranches of mezzanine funding from internal cash flows and the issue of senior debt instruments, bonds or other debt refinancing, within three to five years.

Mytrah Energy (formerly Caparo Energy ), an independent power producer intends to acquire a portfolio of wind farms with a target total annual installed capacity of up to 5,000 MW by 2017. Its investors includes Henderson, Eton Park, Capital International, and Black Rock.

Bindu Vayu Urja Private Limited, subsidiary of Mytrah Energy has secured new senior loan funding of R960Cr, comprising of R600Cr, which is fully underwritten by IDFC and R360Cr, which was at an advanced stage of syndication.

The company expects to achieve the full 1 GW of project orders with Suzlon by March 2013.
The company has finalised the terms of specific purchase orders with Suzlon Energy, for a further 63 MW of wind projects, and with Gamesa Wind Turbines Private Limited, for an initial order of 79.9 MW.

By end of December 2011, the company will have 500 MW of projects distributed over 11 sites that are either commissioned or are under construction.

To read more : Caparo Energy Raises $ 33 Mn Mezzanine Financing From IDFC

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