As announced in October 2016, the capacity of the Company’s wind portfolio is currently 1000 MW (1 gigawatt)
Mytrah, the India-based renewable focused Independent Power Producer, announces the following update:
• The operating assets continue to perform in line with management expectations
• Construction on several solar projects is progressing well, with 377 MW having achieved financial closure to date
As announced in October 2016, the capacity of the Company’s wind portfolio is currently 1000 MW (1 gigawatt). These assets are performing well technically, with some plants exceeding expectations. Overall production at portfolio level is higher in the current year compared with a year earlier, reflecting the good monsoon season across India as well as a strong asset performance and additional capacity coming into operation. The new solar business has made significant progress during the current year and has secured long term PPAs for 422 MW to date, of which the Company has achieved financial closure for 377 MW. The Company has assembled a team of close to 100 solar energy professionals, with land acquisition and construction underway.
Commenting on Mytrah’s performance, Ravi Kailas, Chairman, said:
“I am delighted to report that we are on track to achieve the expectations for the current calendar year as set out at the time of our 2015 results in March 2016. While we continue to grow our renewable energy portfolio, we will remain selective and focused on maintaining a balanced portfolio that maximises value for our shareholders. I look forward to updating the market on our 2016 results in early 2017.”