Mytrah Energy Ltd is set to acquire 59.75 MW of existing operational wind power assets in Tamil Nadu and Maharashtra.
The Hyderabad-based company, listed on the Alternate Investment Market of London Stock Exchange, focuses on wind power generation.
The company has announced that it has secured conditional offers for debt financing and the acquisition is subject to regulatory approval and formal conclusion.
Under the proposed terms and conditions of the acquisition, the effective date for the completion of proposed acquisition will be October 2012 and the company will have the economic benefits from thereon.
The company expects to have a capacity of 370 MW versus previously anticipated 334 MW by 2013 wind season.
When contacted, Vikram Kailas, Managing Director of Mytrah Energy, confirmed the development but refrained to get into details of the companies from whom they are purchasing and also the value of the deal due to non-disclosure agreements.
These assets, which have an average age of below 12 months, comprise turbines from Gamesa, Regen and Enercon.
Directors of Mytrah Energy expect the proposed acquisition will be in line with their existing revenue expectations.
During 2013, the company plans to add about 238 MW in Andhra Pradesh (37.4 mw) being developed by Gamesa, 100.30 MW in Karnataka through Gamesa and 100.5 MW in Tamil Nadu through ReGen.
Last year, the company had signed up with State Bank of India and PTC India Financial Services for the debt component. With the proposed expansion and acquisition, the company expects to have a portfolio of about 600 MW by the end of 2013.
The Government announcement to offer generation based incentives of Re 0.50 per unit is also expected to benefit wind energy companies.
rishikumar.vundi@thehindu.co.in