Mytrah Energy secures USD-18m mezzanine financing

Aug 30, 2013 - Indian wind farm developer Mytrah Energy Ltd (LON:MYT) said today it had obtained INR 1.2 billion (USD 18m/EUR 14m) in mezzanine financing to back growth.

The unsecured funding involves the sale of Series B preference shares in subsidiary Mytrah Energy India Ltd to Bindu Urja Infrastructure Ltd and Mytrah Wind Developers Private Ltd -- units of the Bindu Trust that is owned by Mytrah Energy's chairman and CEO Ravi Kailas. The stock will be sold at a par value of INR 300 apiece. The financing will carry a nominal annual dividend of 0.01%, to be redeemed at par on the 20th anniversary of the share issuance.

Mytrah Energy will use the financing, together with internal cash and bank loans to expand its current portfolio of 309.9 MW. The company has 238.2 MW additional capacity in final development stages, scheduled to be put on stream in the fourth quarter of 2013. In 2015, it sees its operational assets at 1,500 MW, it said.

In addition, Mytrah Energy said it will soon unveil first orders for the delivery of new capacity in 2014.

(INR 10 = USD 0.151/EUR 0.113)

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