Indian wind power group Mytrah Energy (LON:MYT) topped up its balance sheet with a second debenture issue as it geared up for a surge in production.
Mytrah’s current output is 543 MW, but this latest US$60mln loan, cash flow generated from power sales and a US$70mln debenture issued in December will be enough to take generating capacity rise beyond 1,000 MW.
The debenture runs for 5-years with a cash coupon of 12% per annum and will also refinance part of an existing mezzanine US$17.6mln facility.
Ravi Kailas, Mytrah Energy’s chairman and chief executive, said the latest loan took recent debt funding to US$130mln.
“In four years our business has grown from an idea to 543 MW of operating capacity, with a future project pipeline of 3500 MW. This new capital provides the equity we need to take our capacity beyond 1,000 MW".
Shares eased 2% to 69p.