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13 May 2016 07:00
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13 May 2016
Mytrah Energy Limited
("Mytrah" or the "Company")
TRADING UPDATE
MYTRAH SURPASSES WIND CAPACITY TARGET FOR 2016 SEASON
Mytrah, the India-based renewable focused Independent Power Producer, is pleased to announce that an additional 210 MW has been commissioned at its Vajrakarur 2, Nidhi and Nazeerabad projects, increasing the Company's operating wind portfolio to 826.4 MW at the start of the 2016 wind season, 83 MW ahead of the Company's initial target.
Mytrah is also pleased to report that extensive progress has been made on additional wind project construction, with 90 MW erected and expected to be commissioned later this year, and a further 87 MW planned before mid-2017, taking capacity to 1000 MW.
In addition to the wind capacity expansion, development of the Company's solar pipeline continues, with PPAs now signed for all 377 MW in Telangana and Punjab and a further 45 MW won in the recent Karnataka allocation.
The table below provides further detail on the progress of Mytrah's new wind projects.
Project | Capacity | Substation Progress | Export Line Progress | Wind Turbine Progress |
Vajrakarur 2 | 105 MW | Complete & Charged | Complete & Charged | 50 turbines erected and revenue generating |
Nazeerabad | 65.1 MW | Complete & Charged | Complete & Charged | 31 turbines erected and revenue generating |
Nidhi Wind Farms | 62.9 MW | Complete & Charged | Complete & Charged | 37 turbines erected and revenue generating |
90 MW erected | 90 MW | Complete & Charged | Complete & Charged | Erection of turbines complete, commissioning in early stage |
Additional 87 MW in construction | Target commissioning mid-2017 | 50% Complete | 50%Complete | Foundation construction and turbines erection in progress |
Commenting on the update, Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said:
"I am delighted that we have commenced the 2016 wind season with 826.4 MW of operating wind assets. Mytrah has added 283 MW of wind capacity over the last 12 months - well ahead of our initial 200 MW target.
"We have excellent operational momentum now in both wind and solar which is developing Mytrah into a well-diversified renewable energy business. With the additional capacity in place Mytrah is in a strong position to meet its overall targets for 2016."
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 826.4 MW of wind power generation across 14 projects and 7 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.
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