16 Nov 2015 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
16 November 2015
Mytrah Energy Limited
("Mytrah" or the "Company")
Trading Update and Change of Registered Office
Mytrah Energy, the India-based renewable focused Independent Power Producer, is pleased to announce that an additional 9 turbines have been commissioned at the Bhesada project, increasing the project's current operational capacity to 35.7 MW. This brings the total additional capacity added in 2015 to 50.2 MW, taking Mytrah's operating wind portfolio to 578 MW. The remaining 14 MW of the Bhesada project will be commissioned ahead of the 2016 wind season as planned.
The other projects in construction are developing on track, as shown below, and the Company expects to enter the 2016 wind season with 743 MW of capacity, in line with previous guidance.
Project | Expected Capacity in 2016 Wind Season | Substation Progress | Export Line Progress | Wind Turbine Progress |
Bhesada | 50 MW | Complete & Charged | Complete & Charged | 17 commissioned, remaining 7 in progress |
Vajrakarur 2 | 100 MW | Complete & Charged | Complete & Charged | 20% of foundations complete, erection underway |
Nazeerabad | 50 MW | 80% Complete | 80%Complete | 50% of foundations complete, erection to begin in December 2015 |
Additional 200 MW in construction | Target commissioning ahead of 2017 wind season | 70% Complete | 60%Complete | Foundation construction in progress |
The operating portfolio has performed well technically in 2015, with some plants exceeding 99% mechanical availability in the year to date. As indicated in the Company's interim results in August, the first part of the wind season was weaker than expected. The Company saw some improvement in the second part of the season, where the broad geographic spread of the wind farms was beneficial, leading to a portfolio wind pattern similar to the same period in 2014. Mytrah would expect this to continue through to the end of the current financial year, resulting in the second half financial performance being marginally ahead of that achieved in 2014, reflecting the slightly larger operating portfolio in 2015.
The Company has also continued its early success in the solar power generation sector, winning the right to develop 50 MW in Punjab and commissioning 3 small rooftop projects during 2015.
The Company also announces that, with effect from 16 November 2015, the registered office of the Company has moved from its existing location in St. Peter Port to Ground Floor, Dorey Court, Admiral Park, St. Peter Port, Guernsey GY1 2HT.
Commenting on the update, Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said:
"Progress in our construction portfolio continues in line with our expectations. With funding in place for 250 MW, and considerable progress made already, we are well placed to deliver the planned 200 MW before the 2016 wind season.
While this year's overall wind season has been behind our expectations, our plants are performing well technically and remain fully capable of meeting their commitments. We do expect to see winds return to the historic average, improving future results."
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 5970
|
Mirabaud Securities LLP Peter Krens / Rory Scott |
+44 (0)20 7878 3360
|
Yellow Jersey PR Limited Charles Goodwin / Dominic Barretto
|
+44 (0)77 4778 8221
|
About Mytrah Energy Ltd.
Mytrah Energy Ltd. (AIM: MYT), is a pioneer and one of the largest Independent Power Producers ('IPP') in renewable energy, in India, with 578 MW of wind power generation across 11 projects and 6 States. The Company has 172 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 3500 MW of wind and 500 MW of solar.