Revenues at India’s Mytrah Energy increased by 7% to $74.7m last year from just under $70m in 2014 as the company smashed a 600MW onshore wind target.
The renewable-focused power purchase outfit said in annual results today it was delivering “robust financials despite a weak environment”.
While pre-tax profits decreased to $0.5m from almost $2.3 in 2014, Mytrah recorded an underlying EBITDA increase of 3%, up to $66.4m for the financial year.
The company now has 616.5MW of wind in operation with a further 240MW about to be commissioned, including the 50.4MW Bhesada wind farm.
An additional 220MW of projects are in the early stage of construction with PPAs for 282MW of solar in place and a further 95MW due to be finalised.
Mytrah also announced that a $380m refinancing deal with 22 banks for some 543MW of operating wind farms has been inked.
Chief executive Ravi Kailas said: “In just five years, Mytrah has become one of the largest renewable energy Independent Power Producers in India. The $380m refinancing is a great endorsement of Mytrah as a high quality business operating in one of the world’s biggest energy markets.
“Increasing our wind power generation capacity by 10% in 2015 to 583 MW, with 33 wind turbines installed across 3 projects, was a significant feat and this expansion has continued since the year end, reaching 616.5 MW at present.”
He added: “The growth has been delivered on budget and is ahead of schedule so that we now expect to have a capacity of 783 MW at the start of wind season 2016, 40MW ahead of our previous guidance.”
Image: DOE
India’s Mytrah bags windfall
Company says 'robust financials' delivered with 616.5MW in operation
By EBS