Multiple Companies Eyeing Stake In India’s RE IPP Mytrah Energy

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Although the capacity addition in India renewable energy sector has slowed down the merger and acquisition space is heating up. A major private renewable energy developer — Mytrah Energy — is being eyed by several companies.

Multiple media reports quoting unnamed sources reported that at least two companies are looking to buy a stake in or assets owned by Mytrah Energy. Late last month, business daily Mint reported that Canada’s Brookfield Asset Management is in talks with Mytrah to acquire a majority stake in the project developer.

According to the report, Brookfield had already started the process of due diligence on the company’s renewable energy assets. Mint projected the deal size to be around US$1.5 billion given Mytrah’s portfolio size of 1.6 gigawatts. This would be among the largest renewable energy M&A deals in India. The US$1.54 billion acquisition of Ostro Energy by ReNew Power and the US$1.4 billion acquisition of Welspun Energy by Tata Power Renewable Energy being the top two renewable energy deals till date.

Another business daily Economic Times has just reported that the Indian conglomerate Piramal Group is looking to acquire the operational assets of Mytrah Energy. According to the report, the acquisition would form part of a renewable energy Investment Infrastructure Trust, or InvIT, Piramal is planning with Canadian pension fund CPPIB. Piramal’s association with Mytrah dates back to 2017 when the former issued loan worth US$277 million against non-convertible debentures.

Economic Times reported that Mytrah has a portfolio of 2 gigawatts of wind-dominated portfolio, with a smaller portion of solar power assets. On its website, however, Mytrah reports 1 gigawatts of wind energy and 500 megawatts of solar power portfolio.

Mytrah Energy was perhaps the first Indian renewable energy developer to be listed on London Stock Exchange’s Alternate Investment Market in 2010. Shares of the company were delisted from AIM in 2018 when it was reportedly planning an IPO in the Indian market.

The company, at one point, had marquee investors like IDFC Alternatives, AION Capital, Merrill Lynch, and Goldman Sachs as its stakeholders.

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An avid follower of latest developments in the Indian renewable energy sector.

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