Mytrah Energy secures additional funding for new projects

V Rishi Kumar | | Updated on: Jan 23, 2018

To add 200 MW of wind power before 2016 season

Renewable energy company Mytrah Energy Ltd has secured sanction for loans of Rs 595 crore (approximately $95 million), supporting an additional 100 MW of wind capacity.

This takes the independent power producer’s fully funded wind construction pipeline to 250 MW, it said in an update after its AGM.

The year 2015 has seen the commissioning of 14.5 MW to take the operating wind capacity to 543 MW, progress on new projects in construction, and the company’s entry into the solar business.

The company''s projects in construction are developing well, with sub-stations largely finished, civil works underway, and wind turbines currently in manufacturing.

In line with the company's previous guidance, it aims to bring 200 MW online before the wind season in 2016.

As part of the company's capacity expansion plan, it has formed new relationships with wind turbine manufacturers General Electric and Inox Wind. Joining three existing suppliers, GE and Inox Wind would provide further diversification in turbine technology and security of supply for the wind construction pipeline.

The Hyderabad-based company, listed on AIM of the London Stock Exchange, has said it has also raised $130 million since November 2014. Goldman Sachs has joined it as one of the investors, the others being Apollo Funds and Merrill Lynch International in the most recent tranche of this financing earlier in the year.

The company said 543 MW of operating portfolio is performing well, with some plants exceeding 99 per cent mechanical availability.

The current wind season started more slowly than expected, but the company has seen improvement in July and expects this will continue through the remainder of the year.

A wind energy focussed company, it is set to foray into solar power generation having bagged projects from the Telangana Government in recent tenders.

Published on August 11, 2015
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