13th May 2016 07:22
LONDON (Alliance News) - Mytrah Energy Ltd Friday said it has entered the 2016 wind season with the ability to produce over 10% more power than the company had originally targeted and said it has also continued to develop its solar pipeline.
The renewable power producer operating in India said an additional 210.0 megawatts of power generation capacity has been commissioned at the company's Vajrakarur 2, Nidhi and Nazeerabad wind projects, pushing its total capacity up to 826.4 megawatts.
That figure is 10%, or 83.0 megawatts, higher than the company's target to have around 743.0 megawatts in place at the start of the 2016 wind season.
"I am delighted that we have commenced the 2016 wind season with 826.4 megawatts of operating wind assets. Mytrah has added 283 megawatts of wind capacity over the last 12 months - well ahead of our initial 200 megawatt target," said Ravi Kailas, chairman and chief executive of the company.
Vajrakarur 2 has a capacity of 105.0 megawatts through 50 turbines, Nazeerabad has 31 wind turbines with the capacity to generate 65.1 megawatts of power and the Nidhi wind farms have a total of 37 turbines generating up to 62.9 megawatts of power.
That capacity continues to build, as Mytrah said a further wind project is currently being constructed which will add a further 90.0 megawatts of capacity "later this year". The turbines have been erected and are currently in the early stages of commissioning, it said.
A further 87.0 megawatts are expected to come online "before mid-2017," and Mytrah said the foundations for those turbines and there subsequent erection are in progress.
By that point, Mytrah would have hit a milestone by exceeding the 1,000.0 megawatt threshold.
Although wind is Mytrah's primary focus, the company is also building up a solar portfolio to diversify its renewable portfolio. The company said power purchase agreements have been signed for all of the sites in Telangana and Punjab, which have a combined capacity of 377.0 megawatts, and for the 45.0 megawatt Karnataka asset.
Mytrah shares rose 4.1% to 52.31 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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