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Another Indian Renewable Energy Company Plans US Stock Market Listing Through SPAC

India-based renewable energy developer Mytrah Energy is reportedly looking to list itself on a US stock exchange.

According to media reports, wind energy project developer Mytrah Energy is looking to merge with a special purpose acquisition company (SPAC) and subsequently get listed on a US stock exchange. The company is also looking at possible opportunities for a merger with other similar-sized renewable energy companies before the listing.

This is the latest effort by Mytrah to raise funds. Reportedly, late last year the company was in talks with private equity firm KKR to raise $750 million through a stake sale.

Mytrah has an operational portfolio of 2.3 gigawatts, including 1.7 gigawatts of wind energy and 535 megawatts of solar power capacity. An additional 700 megawatts of projects are under development.

Mytrah was among the first renewable energy companies to be listed on any stock exchange. In 2010, when India’s renewable energy sector was still in its nascent stage, the company was listed on the alternate investment market of the London Stock Exchange. It, however, decided to delist itself in 2018. The company is believed to have considered an Indian listing for some time before abandoning the plans due to unfavourable market conditions.

If listed on a US stock exchange, Mytrah will join solar power developer Azure Power which trades on the New York Stock Exchange (NYSE).

Like Mytrah, ReNew Power (one of the leading renewable energy companies in India) once considered listing on Indian stock exchanges. ReNew Power even filed papers with the government regulator as a precursor to the listing. However, the company, too, abandoned its India listing plans due to unfavourable market conditions. Last week, ReNew Power announced that it will merge with Nasdaq-listed SPAC RMG Acquisition Corporation II in a transaction worth $8 billion. The merged company is expected to start trading on Nasdaq in June.

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