Mytrah Energy reaches 1GW of wind capacity in 2016

Mytrah Energy has announced its full-year results for the year ended 31 December, 2016. The company reported full year revenues of US$362.23 million, an increase of 385% over the last year’s revenue of US$74.72 million. The company reached 1 GW of wind power generation capacity by adding 417 MW wind projects in just one year.

Mytrah Energy entered into power purchase agreements for 140 MW of solar power capacity, bringing the total to 422 MW AC in Telangana, Punjab and Karnataka and 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.

Ravi Kailas, Chairman, 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% from last year on a directly comparable basis.”

Ravi 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.”

Mytrah has already won a 250MW wind power project in an auction held by the 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 ten 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.