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Piramal, APG to invest close to USD 300m in India's Mytrah - report

Wind farm in India. Author: Suzlon Group. License: All Rights Reserved.

Sep 13 (Renewables Now) - Piramal Capital's Structured Finance Group and Dutch partner APG Asset Management are investing INR 19 billion (USD 297m/EUR 248m) in Indian renewable power producer Mytrah Energy (LON:MYT), The Economic Times (ET) reports.

The pair will make the investment through mezzanine debt instruments, two people aware of the development told the newspaper. According to the report, most of the proceeds will be used to purchase the interest of current shareholders including Apollo Global Management, Aion, Goldman Sachs, Bank of America Merrill Lynch and IDFC Alternatives.

Meanwhile, a portion of INR 1.5 billion to INR 2 billion will be spent on growth initiatives and paying back debt, the newspaper said.

The ET could not get a comment on the matter from any of the parties.

(INR 1.0 = USD 0.156/EUR 0.130)

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