25 Jul 2014 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
25 July 2014
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
Update on Portfolio Assets
Start of the Monsoon Season
Mytrah Energy, the India-based independent power producer, is pleased to announce that following the installation of an additional 65 MW of assets, its portfolio of operating wind assets now stands at 524.85 MW. This additional generating capacity represents a 15% increase since the Company reported its annual results on 17 March 2014 and a 70% increase since 31 December 2013 when the operating capacity stood at 309 MW.
Since the start of the monsoon season, the Company is pleased with the overall performance of the Mytrah's portfolio from both its new and existing installed base. This positive performance has been delivered despite some press reports suggesting a late and weak monsoon due to an El Nino effect. Plant Load Factors ('PLFs') were slightly below average during May, but above average during June and July. Accordingly, the Company expects the portfolio to perform in line with its expectations during 2014. The Directors consider the predictability of the revenues across its diversified portfolio to be one of Mytrah's significant business strengths.
Mytrah's new assets at Burgula in Andhra Pradesh (37.4 MW), Savalsang 1 in Karnataka (87.55 MW) and Vagrarai in Tamil Nadu (90 MW) are expected to be amongst the Group's strongest performing assets, and are all performing well after their stabilisation periods.
Project Name | State | Total Capacity | Current Operating Capacity | Expected PLF |
(MW) | (MW) | at p50 | ||
Burgula | Andhra Pradesh | 37.4 | 37.4 | 24% |
Savalsang 1 | Karnataka | 100.3 | 87.55 | 25% |
Vagrarai | Tamil Nadu | 100.5 | 90 | 31% |
Ravi Kailas, Chairman and CEO said:
"To have increased our portfolio by 15% since March 2014 and by 70% since 31 December 2013 is a very positive achievement and we are pleased to report that our entire asset base is performing well at the start of the 2014 wind season. We anticipate 22 MW of assets becoming operational in the near term, and in Q3 2013 having signed an order with Suzlon for 227 MW, we have a solid development pipeline for the future."
For further information please visit www.mytrah.com or contact:
Mytrah Energy Limited
Ravi Kailas / Alastair Cade +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
St Brides Media & Finance Limited
Elisabeth Cowell / Frank Buhagiar +44 (0)20 7236 1177
Mytrah Energy (MYT)