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Mytrah Energy H1 revenue up at $ 228.5 m on capacity addition

Mytrah Energy H1 revenue up at $ 228.5 m on capacity addition

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HYDERABAD, OCTOBER 3:  Mytrah Energy Ltd has posted a robust growth in its revenues during the first half (H1) ended June 2017 at $228.53 million, up from $49.66 million achieved during the same period last year. The increase in revenues was due to capacity addition.

Ravi Kailas, Chairman, in a statement said: “Another strong set of first half results reflects the quality of our assets and our focus on driving operational performance. The first half also saw the addition of more wind capacity and our first solar plants began operating.”

The company stated the value of asset portfolio increased to $1.447 billion as of December 31, 2016, and all of this relates to investments made during the last six months. The renewables energy independent power producer (IPP) reported Ebidta of $ 82.29 million against $44.6 million in the same period in the previous fiscal. However, the company on a consolidated basis posted a loss of $6.6 million before tax for the period.

Post period-end, the company issued $277 million non-convertible debentures to Piramal Group and replaced existing investments from IDFC Alternatives Ltd, AION Capital, Merrill Lynch and Goldman Sachs, with part facility also providing growth capital to the company.

Mentioning about operational highlights, the company said it won 250 MW of wind power project in auction through the first competitive bid in the country’s wind power sector.

While completing construction of 74 MW of projects in the period, the company installed capacity has gone up to 1075 MW. Post period ended June 2017, 105 MW of solar plants were added, taking the total installed capacity to 1180 MW. Additional 563 MW of wind and solar plants are now under construction and are expected to take the capacity to over 1743 MW by mid-2018.

Rooftop projects

The company also bagged a mandate for 57 MW solar rooftop projects, which it won through auctions.

For Mytrah, the commencement of solar operations is a significant milestone, further diversifying the cash flow, while expanding the renewable energy capability.

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

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