4 Aug 2016 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Mytrah Energy Limited
("Mytrah" or the "Company")
GE TO INVEST UP TO USD 31 MILLION IN MYTRAH WIND PROJECT
WIND CAPACITY INCREASES TO 877.9 MW
COMPANY ALSO SIGNS 150 MW SOLAR CENTRAL INVERTERS PURCHASE CONTRACT
Mytrah, the India-based renewable focused Independent Power Producer, is pleased to announce that Mytrah Vayu (Tungabhadra) Private Limited ("MVTPL"), which is a 99.99% subsidiary of Mytrah Energy (India) Private Limited ("MEIPL"), has entered into a definitive agreement with Guayama P.R. Holdings B. V., an investment vehicle of GE (NYSE: GE) Energy Financial Services ("GE"), whereby GE has agreed to invest up to USD 31 million in MVTPL to support the development of a 200 MW wind energy project in Andhra Pradesh. GE will invest up to 49% of the capital of MVTPL.
Wind Capacity Expansion
Further to its announcement on 13 May 2016, regarding the surpassing of the wind capacity target for the start of the wind season, Mytrah confirms that an additional 51.50 MW has been commissioned at its Nazeerabad and Nipaniya projects. 31.50 MW was added to the Nazeerabad project while 20 MW was commissioned at the new Nipaniya project in Madhya Pradesh State. The Company's total operating wind portfolio now stands at 877.9 MW, with an additional 40 MW erected and under commissioning.
Mytrah has continued the momentum achieved during Q1 2016 and the progress of new wind projects is as follows:
Project | Capacity | Substation Progress | Export Line Progress | Wind Turbine Progress |
Vajrakarur 2 | 105 MW | Complete & Charged | Complete & Charged | 50 turbines commissioned and revenue generating |
Nazeerabad | 96.6 MW | Complete & Charged | Complete & Charged | 46 turbines commissioned and revenue generating |
Nidhi Wind Farms | 62.9 MW | Complete & Charged | Complete & Charged | 37 turbines commissioned and revenue generating |
Nipaniya
| 20 MW | Complete & Charged | Complete & Charged | 10 turbines commissioned and revenue generating |
40 MW Erected | 40 MW | Complete & Charged | Complete & Charged | Erection of turbines complete; commissioning in progress |
Additional 87 MW in construction | Target commissioning mid-2017 | 70% Complete | 60%Complete | Foundation construction and turbines erection in progress |
Solar Central Inverters Purchase Contract
Mytrah has entered into a contract with Sungrow Power Supply Company Limited ("Sungrow"), a company based in Hefei, China, for the purchase of up to 150 MW of Solar Central Inverters. Sungrow is the world's leading PV-inverter manufacturer with over 20 GW installed globally.
Commenting on the update, Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said:
"Attracting investment from GE is a huge endorsement of Mytrah's operations and its growing position in India's power market, and we are delighted to have successfully completed this fund raising. With the Company on track to reach 1000 MW operating capacity by mid-2017, these new funds will help to maintain positive momentum as we enter the next development stage and support the construction of a major power project."
For further information, please visit www.mytrah.com or contact:
Mytrah Energy Limited Ravi Kailas / Bob Smith
| +44 (0)20 3402 5790
|
Investec Bank plc Chris Sim / Jeremy Ellis
| +44 (0)20 7597 4000
|
Mirabaud Securities LLP Peter Krens / Rory Scott
| +44 (0)20 7878 3360
|
Yellow Jersey PR Limited Charles Goodwin / Dominic Barretto / Josh Cole
| +44 (0)77 4778 8221
|
About Mytrah Energy Limited
Mytrah Energy Limited (AIM: MYT) is a pioneer and one of the largest Independent Power Producers ('IPP') in renewable energy in India, with 877.9 MW of wind power generation across 15 projects and 8 States. The Company has 211 wind masts installed across multiple states in India, providing a rich source of information from which to select its future projects. Mytrah currently has an active development pipeline of about 3000 MW of wind and 500 MW of solar.