Mytrah Energy has approached investors with a proposal to sell its solar and wind portfolio. Mytrah Energy has taken this decision after analyzing its debts status.
“Internally, the firm is expecting a cheque size of $2.1 billion to $2.3billion, or Rs 16,000 crore to Rs 17,000 crore, for the combined portfolio, but these are early days, and the deal structure and valuations will be finalized later based on negotiations with suitors, ” said one of the key member of Mytrah Energy.
“The transaction has been launched recently by investment bank Barclays and teasers have been sent to multiple parties in the industry. This is a renewable energy portfolio of sufficient size and scale and there aren’t many large assets like this on the block, hence there will be strong interest.”
As per the early-stage information, Adani Group, KKR, CPPIB (The Canada Pension Plan Investment Board), CDC (Centers for Disease Control and Prevention)-backed Ayana Renewable Energy, and Renew Power are the one who has shown their interest in the portfolio.
All of them haven’t interest to buy the entire portfolio but they are looking for some specific projects. Location-based specific projects can help them in the growth.
The assets of Mytrah Energy are situated in 9 different states. Mytrah Energy has 17 wind farms and 21 ground monitored solar farms. Mytrah has the largest wind data bank in India.
In a discussion on the subject, Adani Group’s spokesperson informed the Money-Control platform that they are evaluating the projects on the basis of their business growth strategy.
The $3.5-billion Adani-SoftBank Energy deal struck in May 2021 is the biggest ever acquisition in the domestic renewable energy sector. Now, this could be the 2nd biggest deal in domestic renewable energy.
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