19 Dec 2016 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
19 December 2016
Mytrah Energy Limited
("Mytrah" or the "Company")
Trading Update
Mytrah, the India-based renewable focused Independent Power Producer, announces the following update:
Highlights:
• The operating assets continue to perform in line with management expectations
• Construction on several solar projects is progressing well, with 377 MW having achieved financial closure to date
As announced in October 2016, the capacity of the Company's wind portfolio is currently 1000 MW (1 gigawatt). These assets are performing well technically, with some plants exceeding expectations. Overall production at portfolio level is higher in the current year compared with a year earlier, reflecting the good monsoon season across India as well as a strong asset performance and additional capacity coming into operation.
The new solar business has made significant progress during the current year and has secured long term PPAs for 422 MW to date, of which the Company has achieved financial closure for 377 MW. The Company has assembled a team of close to 100 solar energy professionals, with land acquisition and construction underway.
Commenting on Mytrah's performance, Ravi Kailas, Chairman, said:
"I am delighted to report that we are on track to achieve the expectations for the current calendar year as set out at the time of our 2015 results in March 2016. While we continue to grow our renewable energy portfolio, we will remain selective and focused on maintaining a balanced portfolio that maximises value for our shareholders. I look forward to updating the market on our 2016 results in early 2017."
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 / Clare Glynn
| +44 (0)7747 788 221
|
About Mytrah Energy Limited
Mytrah Energy Limited (AIM: MYT) is one of the largest Independent Power Producers ('IPP') in renewable energy in India, with a portfolio of wind power generation assets across 16 farms and 8 states. The Company has 215 wind masts installed across multiple states in India, providing a pool 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.