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18 May 2012
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
The Board of Directors of Mytrah Energy (the "Board") is pleased to provide an update regarding the progress of its current installations.
Since the Company's announcement of 23 March 2012, Mytrah Energy has increased its total installed and commissioned assets to 224.2 MW.
This includes 106.2 MW of fully completed projects being: Tejva, Rajasthan (42 MW); Mahidad, Gujarat (25.2 MW) and Chakala, Maharashtra (39 MW).
Total capacity (MW)
The remaining 118 MW are at four sites that once fully completed will total 231 MW. These projects are Kaladonger, Rajasthan (with a total project size of 96.6 MW - increased from the previous announced total of 75.6 MW); Jamanwada, Gujarat (52.5 MW); Vajrakarur, Andhra Pradesh (63 MW) and Sinner, Maharashtra (18.9 MW).
Mytrah Energy is currently seeing good progress at these sites and expects these projects to be completed and commissioned in phases over approximately the next 60 days. Following the completion of these sites, the Company will have 337.1 MW commissioned and connected to the grid. A summary of the these projects are set out below:
Partially completed and in final stages
118MW are commissioned and all turbines are on site. The Company is seeing good progress at these sites and expects these projects to be completed and commissioned in phases over approximately the next 60 days.
The progress at the Company's other sites, totalling 57.6 MW with Suzlon, is as follows:
All turbines are on site, all permissions are received and execution is in progress
The Company has reduced the size of its project at Sinner in Maharashtra by 10.5 MW to 18.9 MW, from the previously announced 29.4 MW, and is replacing the project at Hanumanthappa, Karnataka (25.2 MW) with an alternative site. In order to partially offset this within the Company's portfolio, Mytrah Energy has increased the size of the project at Kaladonger, Rajasthan, by 21 MW, from 75.6 MW to 96.6 MW.
The Board believes that the ability to adjust its portfolio demonstrates one of the significant advantages of the Company's business model, as the turnkey nature of its contracts and the diversified nature of its project portfolio enables the Company to adjust the size of individual projects as circumstances change. In addition, and again due to the turnkey nature of its contracts, the Company does not incur an increase in the cost of the projects.
The Maharashtra State Electricity Board has recently increased its tariff from Rs. 5.37 per kWh to Rs. 5.67 per kWh and all three of the Company's projects under development in Maharashtra will benefit from this increase in tariff providing a significant increase in the overall return on these projects. In addition, the Company anticipates both Rajasthan and Andhra Pradesh to increase their tariffs in the near term. In light of an expected tariff increase in Andhra Pradesh, the Company intends to wait to continue the development of its first project with Gamesa at Burgula (79.9 MW), in order to benefit from the expected higher tariff.
The Company is pleased with the progress at its sites and the Board is confident that Mytrah Energy is set to become the largest wind energy IPP in India over the next few months. In addition, the Company has now secured all the senior debt financing required for its projects under development, and is in the final stages of identifying the sites for its roll-out through 2012 and 2013.
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