Mytrah Energy Ltd Trading Update (1988S)
December 19 2016 - 1:00AM
UK Regulatory
TIDMMYT
RNS Number : 1988S
Mytrah Energy Ltd
19 December 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN
19 December 2016
Mytrah Energy Limited
("Mytrah" or the "Company")
Trading Update
Mytrah, the India-based renewable focused Independent Power
Producer, announces the following update:
Highlights:
-- The operating assets continue to perform in line with management expectations
-- Construction on several solar projects is progressing well,
with 377 MW having achieved financial closure to date
As announced in October 2016, the capacity of the Company's wind
portfolio is currently 1000 MW (1 gigawatt). These assets are
performing well technically, with some plants exceeding
expectations. Overall production at portfolio level is higher in
the current year compared with a year earlier, reflecting the good
monsoon season across India as well as a strong asset performance
and additional capacity coming into operation.
The new solar business has made significant progress during the
current year and has secured long term PPAs for 422 MW to date, of
which the Company has achieved financial closure for 377 MW. The
Company has assembled a team of close to 100 solar energy
professionals, with land acquisition and construction underway.
Commenting on Mytrah's performance, Ravi Kailas, Chairman,
said:
"I am delighted to report that we are on track to achieve the
expectations for the current calendar year as set out at the time
of our 2015 results in March 2016. While we continue to grow our
renewable energy portfolio, we will remain selective and focused on
maintaining a balanced portfolio that maximises value for our
shareholders. I look forward to updating the market on our 2016
results in early 2017."
For further information please visit www.mytrah.com or
contact:
Mytrah Energy Limited +44 (0)20 3402
Ravi Kailas / Bob Smith 5790
Investec Bank plc +44 (0)20 7597
Chris Sim / Jeremy Ellis 4000
Mirabaud Securities LLP +44 (0)20 7878
Peter Krens / Rory Scott 3360
Yellow Jersey PR Limited
Charles Goodwin / Dominic Barretto +44 (0)7747
/ Clare Glynn 788 221
About Mytrah Energy Limited
Mytrah Energy Limited (AIM: MYT) is one of the largest
Independent Power Producers ('IPP') in renewable energy in India,
with a portfolio of wind power generation assets across 16 farms
and 8 states. The Company has 215 wind masts installed across
multiple states in India, providing a pool of information from
which to select its future projects. Mytrah currently has an active
development pipeline of about 3000 MW of wind and 500 MW of
solar.
This information is provided by RNS
The company news service from the London Stock Exchange
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