Mahindra's energy InvIT SEIT raises Rs 1,365 cr
Mahindra Group and Canadian fund -Ontario Teachers’ Pension Plan Board (Ontario Teachers’), have listed their Infrastructure Investment Trust (InvIT) in the renewable energy space. The InvIT — Sustainable Energy Infra Trust (SEIT), has raised primary capital of Rs. 1365 crore ($165 Million) as part of the initial offer of units (offer), satated a company release.
The offer was subscribed by global and Indian investors, including Asian Infrastructure Investment Bank (AIIB). SEIT made its debut on the National Stock Exchange of India Limited on Monday.
SEIT holds operational renewable power assets seeded by Mahindra Susten with a generation capacity of approximately 1.54 GW. The capital of Rs.
897.8 crore ($108 Million) made available to Mahindra Susten by way of an offer for sale of units of SEIT.
As previously announced, both Mahindra Group and Ontario Teachers’ had committed to invest up to Rs. 3050 crore ($368 Million) and Rs.
3550 crore ($428 Million) respectively into Mahindra Susten and SEIT.
Kotak Mahindra Capital Company Limited, Axis Capital Limited and Avendus Capital Private Limited acted as placement agents to the transaction.
“Mahindra Susten has ambitious plans to achieve 5X growth in the next five years and will contribute to both the groups’ and the nation’s green energy goals. The renewable energy sector will continue to grow and attract investments and we are excited about both Susten’s and SEIT’s role in developing the right ecosystem,” said Dr. Anish Shah, Group CEO & MD, Mahindra Group.
“This milestone not only reinforces our commitment to invest globally in green and transition assets but also demonstrates the attractiveness of renewable energy investment opportunities in India,” said Deb
