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Mytrah Energy performance boosted by diversification as new solar comes online

"I am very excited to be announcing our first operating solar capacity,” said Ravi Kailas, Myrah chief executive

solar power panels
Mytrah has some 624 megawatts of wind and solar projects under construction

Indian power firm Mytrah Energy Ltd (LON:MYT) told investors it has brought online some 53 megawatts of solar capacity in Punjab and Telangana.

The company added that it also has some 65 megawatts of additional wind power capacity, with its overall installed capacity amounting to 1,119 megawatts.

Some 624 megawatts of wind and solar projects are presently under construction, it said.

"I am very excited to be announcing our first operating solar capacity,” said Ravi Kailas, Myrah chief executive.

“This is a major milestone for the company and adds further diversification to our revenue streams.

“With 1,119 MW total wind and solar capacity today, and an additional 624 MW in construction, Mytrah has built a large-scale utility business with strong, stable cash flow and tremendous growth prospects."

Mytrah highlighted that wind power generation was in line with expectations in the first half of the year, and energy revenues were up around 60% (compared to the same period of last year) due to increased capacity.

It also noted that the improved performance came despite problems, namely the failure of a government substation in Rajasthan, which,thanks to the company’s diversification, only had a negative revenue impact of around 6%.

Rectification work is presently well advanced, Mytrah added.

Quick facts: Mytrah Energy Ltd

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Market: AIM
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