1 Aug 2013 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
1 August 2013
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
Update on Proposed Acquisition of 59.75 MW of Indian Wind Assets
and Operational Update
Proposed acquisition
Further to the announcement made on 20 May 2013, in which Mytrah announced that its proposed acquisition of 59.75 MW of Indian wind assets, announced on 13 March 2013, remained subject to regulatory approval and formal documentation, the Company announces that it has now decided not to proceed with the acquisition. This decision was taken following discussions with the acquisition target's current management, the lack of any increase in visibility regarding regulatory approval and due to certain due diligence findings remaining unresolved.
As funding for the acquisition remains in place, Mytrah is currently evaluating a number of other target projects and acquisitions and will update the market on the progress of these discussions as they develop.
Update on existing portfolio of 309.9 MW
During the first half of 2013, Mytrah's existing portfolio of 309.9 MW has performed well and the Company has seen good Plant Load Factors across the portfolio. The Monsoon is now fully under way across its portfolio and the Board looks forward to presenting a detailed review of the season with its half year results in September 2013.
Update on 238 MW additional capacity under construction
Construction of Mytrah's three sites under development, Burgula (37.4 MW), Savalsang (100.3 MW) and Vagarai (100.5 MW) is proceeding in line with expectations. Across these sites the civil and grid connection works are progressing well and a large number of turbines have been delivered and are in the process of being erected. The three sites, which will have an aggregate installed capacity of 238 MW, are on track to be completed progressively during Q4 of this year.
Ravi Kailas, Mytrah Energy's Chairman and Chief Executive Officer, commented:
"With 238MW of new capacity due to come on stream in Q4 this year, we remain on course to almost double our installed capacity in India, which currently stands at 309.9MW, by the end of the year. In addition with the funding in place for an acquisition we are confident that this will be utilised this year. This will cement our position as India's largest independent power provider focused on wind in terms of operational assets and we intend to build on this further, thanks to a long and flexible pipeline of wind assets under development. This is an exciting period for Mytrah and I look forward to providing further updates on our progress in due course."
For further information please visit www.mytrah.com or contact:
Mytrah Energy Limited
Ravi Kailas / Alastair Cade +91 40 3376 0102
Strand Hanson Limited
James Harris / Richard Tulloch / Angela Hallett +44 (0)20 7409 3494
Investec Bank plc
Chris Sim / Jeremy Ellis +44 (0)20 7597 5970
Mirabaud Securities LLP
Peter Krens / Rory Scott +44 (0)20 7878 3360
St Brides Media & Finance Limited
Elisabeth Cowell / Frank Buhagiar +44 (0)20 7236 1177