Mytrah Energy Limited today indicated that it expects to nearly double its wind energy generation capacity from 309.9 mw to 548 mw with a few months.
The Hyderabad-based power producer is a wholly-owned listed entity on the AIM of London Stock Exchange. The company indicated that works on expansion and new projects are now underway. These projects are expected to be commissioned by the end of the year.
Vikram Kailas, Managing Director of Mytrah Energy, said, “Mytrah secured debt financing of $ 203 million for the 238.2 mw asset roll out scheduled for 2013. This debt financing was secured across a diverse range of Indian senior debt providers.”
“The company also received $ 17.5 million financing from its sponsor group companies, reflecting their commitment. Its continued access to financing in India is a testament to our investment case,” he said.
For the six months ended June 30, 2013, the company had revenues of $ 27.4 million (Rs 150 crore) as against $ 16.1 million (Rs 84.6 crore) in spite of a fall in the average exchange rate between the Indian rupee and US dollar from Rs 52.4 to Rs 54.9 from June 2012 to June 2013. The revenue was generated from the portfolio of company projects in operation in Gujarat, Rajasthan, Maharashtra and Andhra Pradesh.
The company recorded a net profit before tax of Rs 32.5 crore for the first half as against Rs 16.3 crore for the same period last year.
Ravi Kailas, Chairman, said, “Through access to finance, the quality of people and third party partnerships and commitment, we will continue to generate strong cash flows.”