Mytrah Energy

Mytrah Energy, founded in 2009 by brothers Ravi and Vikram Kailas, established itself as a significant independent power producer (IPP) in India's renewable energy sector before its acquisition by JSW Neo Energy. The company, headquartered in Hyderabad, was established as Caparo Energy before being renamed. The founder, Ravi Kailas, is a serial entrepreneur with a background in electronics engineering from Osmania University and a master's from Stanford's Graduate School of Business. His prior ventures included telecom services and software, experiences which informed Mytrah's data-centric approach to energy. Vikram Kailas, who served as CEO, brought experience from Credit Suisse's energy investment banking group in New York.

The company's business model revolved around the development, ownership, and operation of wind and solar power assets. Its services spanned the entire project lifecycle, from initial site selection and wind resource assessment to project financing, execution, and long-term asset management. A key differentiator was its early and extensive use of technology, building a comprehensive wind data bank from over 200 mast locations across India, which informed its site selection and operational efficiency. The electricity generated was sold to state-level distribution companies and industrial clients through long-term Power Purchase Agreements (PPAs), providing a stable and visible revenue stream. For the fiscal year ending March 31, 2022, the company generated revenue of ₹1,920 crore.

Mytrah Energy achieved several notable milestones, beginning with an AIM listing on the London Stock Exchange in October 2010, which raised $80 million. The company experienced rapid growth, reaching 1 gigawatt (GW) of wind energy capacity by October 2016. It expanded into solar energy, securing PPAs for over 400 MW. The firm's growth was fueled by significant debt and equity financing from institutional investors like Merrill Lynch, Goldman Sachs, and the Asian Development Bank. In May 2018, the company was delisted from the London AIM. In a landmark deal for the Indian renewables market, JSW Energy, through its subsidiary JSW Neo Energy, completed the acquisition of Mytrah Energy's portfolio in March 2023 for an enterprise value of approximately ₹10,530 crore. At the time of the acquisition, Mytrah's portfolio consisted of 1,753 MW of operational renewable energy capacity, comprising 1,331 MW of wind and 422 MW of solar power spread across nine states.

Keywords: renewable energy producer, independent power producer, wind energy India, solar power India, Ravi Kailas, JSW Neo Energy acquisition, project development, asset management, power purchase agreement, energy financing, Hyderabad energy company, Vikram Kailas, wind data bank, renewable asset operation, energy infrastructure, utility-scale solar, wind farm operator, Indian power sector, project finance