Mytrah Energy Update

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Mytrah Energy Limited

("Mytrah Energy" or the "Company")

Mytrah Energy secures a further round of Mezzanine Financing

Secures Rs. 9,600m (US$192m) of Senior Debt

Additional 143 MW of projects finalised

Further Rounds of Mezzanine and Senior Debt Financing

The board of directors of Mytrah Energy (the "Board")is pleased to announce that its wholly owned Indian subsidiary, Mytrah Energy India Limited ("MEIL"), has secured a further tranche of mezzanine funding. This tranche of Rs. 1,000m (US$20m) has afour year term and is being provided by PTC India Financial Services Limited (the "Mezzanine Financing"). It is expected that relevant documentation and drawdown of this tranche will be completed by mid-January 2012.

Together with the previous two tranches of similar financing, this latest tranchewill take the Company and its subsidiaries' (together the "Group") total mezzanine funding to US$132m.

As with the previous tranches, Mytrah Energy's existing shareholders will experience no equity dilution from the Mezzanine Funding, which the Board believes will result in enhanced equity returns for investors. The Group expects to repurchase all tranches of mezzanine funding from internal cash flows and the issue of senior debt instruments, bonds or other debt refinancing, within three to five years.

In addition, the Company's wholly owned subsidiary,BinduVayuUrja Private Limited ("BVUPL"), has secured new senior loan funding totalingRs. 9,600m (US$192m) (the "Senior Debt"), comprisingRs. 6,000m (US$120m) which is fully underwritten by Infrastructure Development Finance Corporation Limited ("IDFC"), and Rs. 3,600m (US$72m) which is at an advanced stage of syndication. The Group believes that this is the largest single senior debt placement for a wind power focused renewable Independent Power Producer ("IPP") in India. The Senior Debt has been secured at a rate that Board considerscompetitive and is for a tenor of 14 years.

The Board believes that Group's continued access to financingwill enable Mytrah Energy to maintain its rapid growth and demonstrates the Group's business strength in India.

Additional projects for 143 MW finalised with Suzlon and Gamesa

Since the announcement of the Group's final results in September 2011, MEIL has finalised the terms of specific purchase orders with Suzlon Energy Limited ("Suzlon"), for a further 63 MW of wind projects, and with Gamesa Wind Turbines Private Limited ("Gamesa"), for an initial order of 79.9 MW. When combined with the 100.8 MW ordered in February 2011 and the 260 MW ordered in August 2011, MEILwill have a total of 11 projects comprising an aggregate 500 MW by the end of December 2011. The details of these projects are outlined below:

The Board expects to have the approximate cumulative capacity, fully installed and commissioned, as outlined below:

The site portfolio represents a diverse mix of states and type of sales with over 25% (126 MW) of projects located in the state of Maharashtra. All sites in Maharashtra would be classified under Zone 1 and would have a Power Purchase Agreement ("PPA") price of Rs. 5.37/kWh and Rs. 5.87/kWh when the Generation Based Incentive ("GBI") is included. The Board expects that the weighted average PPA tariff, including GBI, for all the sites will be over Rs. 5/kWh. All the sites have PPA tenors of between 13 and 20 years. In addition the Board expects that the weighted average Plant Load Factor ("PLF") across all the sites will be in excess of 25%.

Over and above the PPA tariffs the Board expects that approximately 100 MW of projects will be eligible for receiving Renewable Energy Certificates ("REC"). The REC market has been trading recently towards the upper end of the pricing band at approximately Rs 3.00/unit, and there has also been a significant increase in trading volumes. The Board believes that the REC market may provide significant returns for the Group as the demand supply gap for RECs is expected to remain for the foreseeable future.

The Group will continue to place purchase orders, subject to the availability of sufficient working capital,under theBusiness Partnership Agreement ("BPA")with Suzlon throughout 2012and both the Board and Suzlon remain committed to installing 1,000 MW of generating capacity for the Group by March 2013.

The 79.9 MW order with Gamesa is the first in accordance with the terms of the Group's agreement with them, which was originally announced in May 2011 (the "Gamesa Agreement"). The GamesaAgreement is for the supply, erection, commissioning, operation and maintenance of 2,000 MW of turbine capacity for wind power projects to be set up in India which, subject to the availability of sufficient working capital, will be delivered progressively from 2012 until the end of 2016. As previously announced, theGroup has secured land that it believes will be suitable for the installation of 3,000 MW of wind power generation farms in sites across various wind-rich states. These include leases and direct allotments, licences and sanctions from the respective state authorities and the initial permissions for the installation and connection of power generation farms.

Since the Company's admission to AIM in October 2010, the Board believes that the Group has demonstrated its ability to become the fastest growing wind based renewable IPP in India. Further, the Board believes that the 500 MW of installed and under construction capacity will represent approximately 20-25% of all wind power capacity installed in India during our initial construction phase.

Along with the rapid rollout of capacity on a utility scale, the Board believes that the Group has also demonstrated its ability to continue the financing of its development programme. In addition to the US$80m of equity raised by the Company in October 2010, the Group has completed a total of US$132m of mezzanine funding, secured on a non-dilutive basis, and has raised a total of US$270m of senior debt financing. The new Senior Debt is India's largest single senior debt placement for a wind focused renewable IPP.

Ravi Kailas, Mytrah Energy's Chairman and Chief Executive Officer, commented:

"I am very pleased to announce the securing of a further US$192m of senior debt and US$20m of mezzanine financing. By the end of December, the Company should have 500 MW of projects distributed over 11 sites that are either commissioned or are under construction. I believe that our ability to secure financing combined with the rapid roll out of our projects on a utility scale will enable Mytrah to achieve its target of becoming one of the largest renewable IPPs in India during 2012."

Further information on the Company can be found at www.mytrah.com.

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