Renewable eneregy company Mytrah Energy Ltd has posted revenues of $362.23 million for the year ended December 31, 2016, an increase of 385 per cent over last year’s revenue of $74.72 million.
The increase was due to a combination of higher revenue from power generation as well as the inclusion of construction revenue.
The AIM-listed company reached 1 GW of wind power generation capacity by adding 417 MW wind projects in one year.
During 2016, the company had entered into power purchase agreements for 140 MW of solar power capacity, bringing the total to 422 MW in Telangana, Punjab and Karnataka.
The new solar business entered into the construction phase in Telangana and Punjab having secured close to $1 billion of finance during the year.
Ravi Kailas, Chairman at Mytrah, in a statement said, "The results clearly reflect the growth Mytrah has seen in a span of six years. In 2016, we commissioned more wind capacity than ever before. This additional capacity helped drive our EBITDA up 70 per cent from last year on a directly comparable basis.”
In the current year, Mytrah has won a 250-MW wind power project in an auction held by Ministry of New and Renewable Energy (MNRE) in February.
In addition to the under construction projects, Mytrah has a pipeline of wind projects exceeding 4,000 MW.
Mytrah is also looking at further developing its solar business, including more large-scale government contracted plants as well as direct sales to private business customers.