24 Jul 2017 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
24 July 2017
Mytrah Energy Limited
("Mytrah" or the "Company")
TRADING UPDATE
MYTRAH ADDS FIRST SOLAR CAPACITY
Mytrah, the India-based renewable focused Independent Power Producer, is pleased to announce that 53 MW of solar capacity is now operational at plants in Punjab and Telangana. In addition to these solar plants, the company has added a further 65 MW of wind power, bringing total installed capacity to 1,119 MW. A further 624 MW of wind and solar plants are currently under construction.
The first half of 2017 has seen wind in line with expectations across the portfolio, with energy sale revenues increasing around 60% over 1H 2016 as a result of increased capacity. This revenue growth has been achieved despite the impact of a transformer failure at a Government substation in Rajasthan. Here rectification is well advanced, and our portfolio diversification has limited the impact to around 6% of revenue in 1H 2017.
Commenting on the update, Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said:
"I am very excited to be announcing our first operating solar capacity. This 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."
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 / Abena Affum
|
+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 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 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 4,000 MW of wind and solar projects.