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Mytrah Energy bags mandate for solar projects across four States

Mytrah Energy bags mandate for solar projects across four States


Mytrah Energy Ltd has bagged mandate to develop about 500 MW of solar photo-voltaic projects in Telangana, Punjab, Karnataka and Andhra Pradesh, having won them amidst stiff competition from global and domestic players.

The Hyderabad-based independent power producer, listed on the AIM of the London Stock Exchange, with a portfolio of close to one giga watt (1000 mega watt) of wind power projects, had announced its foray into the solar energy segment last year.

Ravi Kailas, Chairman, Mytrah Energy, told BusinessLine that, “Our strike rate in terms of winning solar contracts has been 100 per cent and we have achieved this amidst stiff competition. And all the solar projects, including a recent win in Karnataka, have been at ₹5.70 per unit.”

In an exclusive interaction with BusinessLine, Kailas said, “The company has arrangements for 1.6 giga watt equity for the project portfolio and is at advanced stage of closing debt and total project finance. We expect to complete the projects over the next 12-15 months.”

In April 2016, Mytrah raised $175 million from the Asian Development Bank and inked a pact with Chinese company Risen Energy Co for supply of solar PV modules.

In the case of solar generation projects, Telangana accounts for 376 MW, spread across 19 locations, and other projects include 52.5 MW in Punjab, 52 MW in Karnataka and 8 MW in Andhra Pradesh.

Apart from the current wind energy generation capacity of the company of 826 MW, 90 MW capacity has already been erected and on the verge of commissioning and another project of 87 MW is at advanced stage. “Together, these projects will take the capacity to over one giga watt, making us the largest pure play wind energy company in the country,” he said.

Last year, the company had closed with 548 MW and is set to cross one giga watt capacity and thereafter, the IPP expects to take the installed capacity of wind and solar to over 1.6 GW by June 2017.

Asked about merger and acquisition of wind and solar projects, Ravi Kailas said: “The company is open to acquisitions and continues to scout for opportunities and any decision towards that will be taken based on whether it is a right fit into the company portfolio.”

Referring to setting up a first wind power unit of 100 MW in Telangana, he said: “We have demonstrated that wind projects can be set up in Telangana as well, where no one ever ventured to setting up a wind farm.”

Source:Business Line
Anand Gupta Editor - EQ Int'l Media Network


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