Wind lifts Mytrah profit

Indian developer Mytrah Energy has increased its underlying Ebitda by 56% in the first half of the year driven by a spate of new wind farms.

Underlying ebitda reached $45.54m compared with $29.14m a year ago as revenue rose 52% to $49.66, the company said.

The developer completed 295MW of wind projects in the period to reach 877.9MW, significantly ahead of its target.

It is on track to meet its target of 1GW of operating wind assets by mid-2017, it said.

Mytrah, which has wind projects across eight Indian states, has also started building solar parks in Telangana and Punjab.

Overall, the company aims to exceed 1.4GW of renewable energy capacity in the medium term.

“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,” Mytrah chairman Ravi Kailas said.

“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.

“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,” he said. “Overall, we are well placed to meet expectations for the full year.”

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