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Mytrah in Talks to Raise $189.3 Million for Suzlon Wind Turbines

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Sept. 13 (Bloomberg) -- Mytrah Energy Ltd., the Indian wind-farm developer formerly known as Caparo Energy Ltd., is in talks to raise $189.3 million to fund orders it placed with Suzlon Energy Ltd.

The company, which announced an agreement in January to buy 1 gigawatt of turbines from Suzlon, is in “advanced” talks with an Indian lender to obtain senior debt for 261.2 megawatts of purchase orders, it said today in an earnings statement.

Mytrah has placed orders with Suzlon, India’s largest wind-turbine maker, for a total of 362 megawatts, according to the statement. It may sign a contract for a further 138 megawatts by the end of the month, Gus Hochschild, a London-based analyst at Mirabaud Securities LLP, said in an e-mail to clients today.

The company, which changed its name on Sept. 7, agreed in May to buy 2 gigawatts of turbines from Spain’s Gamesa Corp. Technologica SA, India’s largest order to date. The Hyderabad-based company expects to have 500 megawatts of wind-power capacity running by March.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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