Mytrah Energy India Pvt. Ltd is exploring a merger with other green energy firms in India to create a bigger entity ahead of a US listing plan through the special purpose acquisition company (SPAC) route option, said two people aware of the development.
The plan, which is in a preliminary stage, is to combine green energy firms, including Mytrah Energy, having less than 5 gigawatts (GW) portfolio, said the people cited above requesting anonymity.
The consolidated entity may eventually be merged with a SPAC, they said. Vikram Kailas, co-founder and MD of Mytrah Energy, declined to comment.
SPACs are publicly traded shell companies that merge with unlisted companies to take them public, skipping the time-consuming conventional route of initial public offering (IPO). Indian green energy firms are exploring this option amid a growing focus on environmental, social and governance (ESG) investing.