Good morning.
See below this mornings announcement from Mytrah Energy
Ltd which reports it has completed the commissioning of 224.2 MW of
on-shore wind turbines in several states in India.
The projected development schedule will make them Indias largest wind
Independent Power Producer within the next few months.
Furthermore, the announcement speaks to the Companys exceptional
advantage in the market; by agreeing turn-key installations with Suzlon
they have the flexibility to pick the best sites for power generation.
Management is available for interview.
Best,
Philippe
Press Release
18 May 2012
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
Operational Update
The Board of Directors of Mytrah Energy (the "Board") is pleased to
provide an update regarding the progress of its current installations.
Since the Companys announcement of 23 March 2012, Mytrah Energy has
increased its total installed and commissioned assets to 224.2 MW.
This includes 106.2 MW of fully completed projects being: Tejva,
Rajasthan (42 MW); Mahidad, Gujarat (25.2 MW) and Chakala, Maharashtra
(39 MW).
Completed projects
Project location
State
Total capacity (MW)
Turbine
Commissioning status
Tejva
Rajasthan
42
Suzlon
Commissioned
Mahidad
Gujarat
25.2
Suzlon
Commissioned
Chakala
Maharashtra
39
Suzlon
Commissioned
Cumulative Total
106.2 MW
The remaining 118 MW are at four sites that once fully completed will
total 231 MW.
These projects are Kaladonger, Rajasthan (with a total
project size of 96.6 MW - increased from the previous announced total of
75.6 MW); Jamanwada, Gujarat (52.5 MW); Vajrakarur, Andhra Pradesh (63
MW) and Sinner, Maharashtra (18.9 MW).
Mytrah Energy is currently seeing good progress at these sites and
expects these projects to be completed and commissioned in phases over
approximately the next 60 days.
Following the completion of these sites,
the Company will have 337.1 MW commissioned and connected to the grid.
A
summary of the these projects are set out below:
Partially completed and in final stages
Kaladonger
Rajasthan
96.6
Suzlon
118MW are commissioned and all turbines are on site.
The Company is
seeing good progress at these sites and expects these projects to be
completed and commissioned in phases over approximately the next 60
days.
Jamanvada
Gujarat
52.5
Suzlon
Sinner
Maharashtra
18.9
Suzlon
Vajrakarur
Andhra Pradesh
63
Suzlon
Cumulative Total
337.2 MW
The progress at the Companys other sites, totalling 57.6 MW with
Suzlon, is as follows:
Vita
Maharashtra
33.6
Suzlon
All turbines are on site, all permissions are received and execution is
in progress
Gotne
Maharashtra
24
Suzlon
Cumulative Total
394.8 MW
The Company has reduced the size of its project at Sinner in Maharashtra
by 10.5 MW to 18.9 MW, from the previously announced 29.4 MW, and is
replacing the project at Hanumanthappa, Karnataka (25.2 MW) with an
alternative site.
In order to partially offset this within the Companys
portfolio, Mytrah Energy has increased the size of the project at
Kaladonger, Rajasthan, by 21 MW, from 75.6 MW to 96.6 MW.
The Board believes that the ability to adjust its portfolio demonstrates
one of the significant advantages of the Companys business model, as
the turnkey nature of its contracts and the diversified nature of its
project portfolio enables the Company to adjust the size of individual
projects as circumstances change.
In addition, and again due to the
turnkey nature of its contracts, the Company does not incur an increase
in the cost of the projects.
The Maharashtra State Electricity Board has recently increased its
tariff from Rs.
5.37 per kWh to Rs.
5.67 per kWh and all three of the
Companys projects under development in Maharashtra will benefit from
this increase in tariff providing a significant increase in the overall
return on these projects.
In addition, the Company anticipates both
Rajasthan and Andhra Pradesh to increase their tariffs in the near term.
In light of an expected tariff increase in Andhra Pradesh, the Company
intends to wait to continue the development of its first project with
Gamesa at Burgula (79.9 MW), in order to benefit from the expected
higher tariff.
The Company is pleased with the progress at its sites and the Board is
confident that Mytrah Energy is set to become the largest wind energy
IPP in India over the next few months.
In addition, the Company has now
secured all the senior debt financing required for its projects under
development, and is in the final stages of identifying the sites for its
roll-out through 2012 and 2013.
Further information on the Company can be found at www.mytrah.com
.
- Ends -
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