Mytrah Energy Regulatory News (MYT)

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21st November 2014

Mytrah Energy Limited

("Mytrah Energy" or the "Company")

Bank of America Merrill Lynch and Funds Managed by Apollo Provide US$70m of New Debt, Fuelling Continued Growth

Mytrah Energy, the India-based independent power producer, is pleased to announce that it has raised US$70m of new debt from Merrill Lynch International (a Bank of America Merrill Lynch entity) ("BAML") and funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, "Apollo"). The new finance takes the form of an INR 3,977m (approx. US$65m) India-listed non-convertible bond issued by Mytrah Energy (India) Ltd. (the "Bond"), and a US$5m loan to Mytrah Energy Ltd (the "Loan").

The Bond is a long-term 5-year instrument with a cash coupon of 12% per annum. The proceeds from this issue will be used primarily to refinance an existing INR 900m (approx. US$15m) mezzanine facility provided by IDFC and for development of new wind power projects from the Company's extensive pipeline.

The Company has additionally issued warrants giving BAML and funds managed by Apollo the option to purchase a total of 8,612,412 shares in Mytrah Energy Ltd. at a strike price of £0.7729 (approx. US$1.2) per ordinary share. These warrants represent 5% of the Company's issued share capital post exercise, and can be exercised at any time during the 5-yr lifetime of the bond.

The financing also contains a "greenshoe" option to extend the Bond by a further INR 1,583m (approx. US$26m) and the Loan by US$2m, which would bring the total to approx. US$98m. No additional warrants will be issued if the Company elects to pursue this option.

Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said:

"At Mytrah, we have built an operating portfolio of 524.85MW since inception only 4 years ago. This asset base is performing very well, and, despite relatively low winds in the first half of 2014, I am pleased to say that the overall monsoon season has been in line with those we have experienced previously."

"The confidence shown in us by Bank of America Merrill Lynch and Apollo is powerful validation of our business model and, with a long pipeline of wind projects in place, we are delighted to have secured the support of investors with whom we can build a long standing and fruitful relationship."

 For further information please visit www.mytrah.com or contact:

Mytrah Energy Limited

Ravi Kailas / Bob Smith +44 (0)20 3402 5790

Investec Bank plc

Chris Sim / Jeremy Ellis +44 (0)20 7597 5970

Mirabaud Securities LLP

Peter Krens / Rory Scott +44 (0)20 7878 3360

St Brides Media & Finance Limited

Elisabeth Cowell / Frank Buhagiar +44 (0)20 7236 1177

About Mytrah Energy Ltd.

Mytrah Energy (AIM: MYT) is one of the largest and lowest cost wind focused independent power providers ('IPP') in India with 524.85 MW of generation capacity installed. The Company has 130 wind masts installed across multiple States in India, providing a rich source of information from which to select its future projects. Mytrah currently has an active development pipeline of 1500MW in India.