MyTrah Energy recorded a 52% lift in turnover, posting a first have revenue figure of $46.6million.
The first half of the year also saw the firm secure a $175million loan form the Asian Development Bank to help fund the development of a portfolio of new wind and solar projects from Mytrah’s pipeline.
Chairman Ravi Kailas said: “We are pleased to report that the performance of our portfolio has been strong in the first half, reflecting the quality of our assets and our focus on driving operational performance. The first half of 2016 saw the commissioning of 295MW, bringing our operating capacity to 877.9MW at the end of the period, which was significantly ahead of our initial target. We have made excellent progress with the construction of our new wind and solar projects and added further wind capacity post period-end, taking our wind portfolio to 917.2 MW. With a further 87 MW of projects currently under construction we are on track to meet our 1000 MW target by mid-2017.
“A number of significant milestones were achieved in the period. The USD 380m refinancing and the Asian Development Bank funding were great achievements by Mytrah and are testament to the skill and tenacity of our financing team. Post period-end, one of our subsidiaries has successfully signed a definitive agreement with GE, whereby GE has agreed to invest up to USD 31m to support the development of a 200 MW wind energy project in Andhra Pradesh. Post period-end, MEIPL has fully repaid the mezzanine debt of USD 14.91m outstanding with PTC India Financial Services.
“Our new solar business has made sound progress during the period and has secured long term PPAs for 422 MW to date, of which we have achieved financial closure for 237 MW. The Company has also signed contracts with suppliers for the supply of 175MW solar modules and 150MW solar inverters. We look forward to the solar projects progressing through to construction once regulatory and land approvals are completed.
“In August we were delighted to strengthen the senior management team by appointing Vikram Kailas and Shirish Navlekar as the Company’s Chief Executive Officer and Chief Financial Officer, respectively, which are non-board appointments. The combination of their past experience and successful tenure at Mytrah make them ideal to lead the Company forward.
“We delivered a good performance in the first half of 2016 and we will continue to focus on further strengthening the business and improving the quality of our asset performance. Maintaining construction momentum of projects under development and maximising the performance of our operational assets are key priorities. Looking at the second half, we expect that power generation will continue to reflect the good monsoon season across India as well as a strong asset performance. Overall, we are well placed to meet expectations for the full year.”
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