Renewable energy-focused independent power producer Mytrah Energy Ltd has commissioned its first set of solar photovoltaic power projects in Punjab and Telangana.
The company, which has all through been focussing on generation of power from wind masts, has recently commissioned 53 MW solar capacity and added 65 MW wind power, bringing its total installed capacity to 1,119 MW.
500 MW solar contracts
The company had bagged contracts to develop about 500 MW solar projects in Telangana, Andhra Pradesh, Punjab and Karnataka.
In addition, the IPP is in the process of developing about 624 MW wind and solar plants. Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd, said, “Our first operating solar capacity is a major milestone for the company and adds further diversification to our revenue streams.”
“With 1,119 MW total wind and solar capacity today, and an additional 624 MW in construction, Mytrah has built a large-scale utility business with strong, stable cash flow and tremendous growth prospects,” he added.
Wind power generation
The first half of 2017 has seen wind power generation in line with expectations across the portfolio, with energy sale revenues increasing by around 60 per cent over H1 2016 as a result of increased capacity.
This revenue growth has been achieved in spite of the impact of a transformer failure at a government substation in Rajasthan.
According to the company, its portfolio diversification has limited the impact to around 6 per cent of revenue in H1 of 2017.
Listed on the AIM, the company with base in Hyderabad, has renewable assets of 1,119 MW of wind and solar power generation across over 20 projects and 8 states.
The company has data from over 200 wind masts in various states, providing a rich source of information from which to select its future projects.
Mytrah currently has an active development pipeline of about 4,000 MW of wind and solar projects.