WASHINGTON: Mytrah Energy reported full year revenues of $362.23 million, an increase of 385 per cent over the last year’s revenue of $74.72 million for the year ended December 31, 2016. The increase is due to a combination of higher revenue from power generation as well as the inclusion of construction revenue. The company reached 1 GW of wind power generation capacity by adding 417 MW wind projects in just one year. In the year gone by, the renewable power producer entered into power purchase agreements for 140 MW of solar power capacity, bringing the total to 422 MW in Telangana, Punjab and Karnataka. The company moved its new solar business into the construction phase by initiating the construction of solar projects in Telangana and Punjab and has secured close to $1 billion of financing during the year.
Commenting on the results, Ravi Kailas, chairman at Mytrah said “The results clearly reflect the growth Mytrah has seen in a span of six years. In 2016, we commissioned more wind capacity than ever before, underlining both the capability of our team and the depth of our pipeline. This additional capacity helped drive our EBITDA up 70 per cent from last year on a directly comparable basis.”
Talking about Mytrah’s future plans, Kailas said “Mytrah can’t stand still, and it won’t. Yes, we want to build on what we’ve already successfully achieved. But we also have to respond quickly to capture the opportunities presented by changing markets and technologies.” In the current year, Mytrah has already won a 250 MW wind power project in an auction held by Ministry of New and Renewable Energy (MNRE) in February. In addition to the projects under construction, Mytrah has an extensive pipeline of wind projects exceeding 4,000 MW. With data from 221 locations across 10 States, the company’s wind database provides differentiated access to new project sites. Mytrah is also looking at further developing its solar business, including more large-scale government contracted plants as well as direct sales to private business customers and when the time is right, consumers.
