6th Aug 2015 08:00
LONDON (Alliance News) - Mytrah Energy Ltd Thursday reiterated its plans to bring a further 200 megawatts of renewable energy online before the start of the Indian wind season in 2016, and said it is branching out into solar power to diversify its portfolio.
Ahead of the Indian-focused renewable energy company's annual general meeting later Thursday, the company said it has commissioned 14.5 megawatts of new wind capacity in 2015, bringing its total wind capacity to 543 megawatts and said it still plans to bring a further 200 megawatts of power online before the 2016 wind season, which runs from April to November.
"The projects in construction are developing well, with substations largely finished, civil works underway and wind turbines currently in manufacturing," said the company.
"Our 543 megawatts of operating portfolio is performing well technically, with some plants exceeding 99% mechanical availability. The wind season started more slowly than expected, but we have seen improvement in July and expect that this will continue through the remainder of the year, bringing the full year result broadly in line with our expectations," it added.
Mytrah also said it continues to try to capitalise on the Indian government's target to have 170 gigawatts of wind and solar power capacity by 2022. Mytrah said that target comprises of 60 gigawatts of wind and 100 gigawatts of solar power.
Mytrah said it has taken interest in the solar element of the Indian government's targets as the cost of solar has fallen and offers the company a "strong diversification opportunity". The company has participated in a number of state solar bids, most recently in Telangana, where it bid to provide 350 megawatts of power.
That bidding process has now closed, and Mytrah said although it is waiting for confirmation, it believes it has won the rights to provide a "substantial portion" of the 350 megawatts which were on offer.
If Mytrah has won those solar rights, it will need to construct the projects to provide the power within 12 to 15 months but will benefit from a 25 year power-purchase agreement, it said.
"We believe that Mytrah's continued access to financing, our strong pipeline of development opportunities, and our proven execution capability will enable the group to continue to grow rapidly and generate significant value for our shareholders," said the company.
Mytrah shares were trading flat on Thursday morning at 80.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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