Mumbai: India Infrastructure Fund (IIF), managed by IDFC Alternatives Ltd, has successfully sold its investments in Mytrah Energy (India) Pvt. Ltd, the firm said in a statement on Monday.

IIF is a focused investor in the infrastructure space and has invested across asset classes such as roads, thermal and renewable power.

Mint had first reported IDFC’s plans to exit Myntrah in April.

The report had said that the Hyderabad-based renewable energy producer was in talks to raise Rs1,800 crore in structured debt funding from Piramal Capital’s structured finance group to refinance its debt and provide exits to some of its investors such as IDFC Alternatives, AION Capital and Merrill Lynch International before a planned initial public offering.

In 2011, IIF invested Rs350 crore in the form of compulsory convertible preference shares.

The growth capital invested in the company enabled it to grow rapidly from a very small asset base of about 50 megawatts (MW) to more than 500MW in a span of three to four years, and subsequently reach a 2,000MW base of operational and under-construction assets at present, IDFC said in the statement.

Mytrah’s portfolio of 2,000MW of operational and under-development renewable power projects is spread across nine states: Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.

“Mytrah has demonstrated not only operating and execution excellence, but also a track record of honouring all commitments towards its stakeholders in full measure," said M.K. Sinha, managing partner and chief executive at IDFC Alternatives.

The Mytrah exit marks the second major exit for IIF in the last few weeks. On 31 August, Singapore-based power producer Sembcorp Industries Ltd announced the acquisition of IDFC’s remaining 28% stake in renewable energy firm Sembcorp Green Infra (SGI) for Rs1,410.2 crore (around Singapore $301 million) to become its sole owner.

In February 2015, Sembcorp Industries had acquired a 60% stake in IDFC Alternatives-backed renewable energy firm Green Infra Ltd for S$227 million (around Rs1,060 crore).

IDFC Alternatives is active across three key asset classes—private equity, infrastructure and real estate—and has over 60 professionals based out of Mumbai, Delhi and Singapore. The firm has approximately Rs17,000 crore of assets under management.

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