Clean energy firm Mytrah Energy said today that Ind-Ra has upgraded its long-term credit rating by two notches from ‘BBB’ to ‘A-‘. It said that the short-term rating has also been upgraded from A3 to A2+.
Mytrah Energy Vice-Chairman and MD Vikram Kailas said in a company statement: “This development reinforces the fact that we are now more commercially and operationally stable, and primed to take growth curve to the next level.”
The advancement was granted based on rating drivers which include an increase in the scale of operations and diversification, the statement said.
The company’s operational and committed renewable asset portfolio grew to 2.2GW in 2017-18 from 1.75GW in 2016-17, with 1.8GW of wind assets and 0.4GW of solar assets.
Its gross margins from the engineering, equipment and construction (EPC) business improved to Rs 3,50 crore in FY18 from Rs 1,04 crore in FY17.
Mytrah Energy raised USD 277 million (Rs 1,800 crore) from Piramal Enterprises in September 2017 to provide an exit to investors and fund growth plans.
The company further intends to replace the bridge capital by raising equity from a strategic investor.
As per the statement, Ind-Ra said that Mytrah Energy has showcased a substantial increase in the portfolio size which was backed by an adequately funded growth plan, improvement in asset and counter party diversification, timely execution of pipeline capacities resulting in healthy cash generation.