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Mytrah Energy ahead of schedule with wind roll-out

Installed capacity is 826Mw or some 83Mw more than the scheduled target at this point.

On track to 1,000Mw

India-based renewable energy utility Mytrah Energy Limited (LON:MYT) has brought three more wind projects online and expects to hit 1,000Mw capacity by the middle of next year.

Vajrakarur 2, Nidhi and Nazeerabad have added 210Mw to the company’s portfolio to make 826Mw in total or some 83Mw more than the scheduled target at this point. 

A further 90Mw is set to be commissioned later this year with another 87Mw planned before mid-2017.

The solar division meanwhile now has power purchase agreements in place for 377Mw in Telangana and Punjab and a 45Mw in Karnataka.

Ravi Kailas, chief executive, said: “Mytrah has added 283Mw of wind capacity over the last 12 months - well ahead of our initial 200Mw target. 

"We have excellent operational momentum now in both wind and solar which is developing Mytrah into a well-diversified renewable energy business.

“With the additional capacity in place Mytrah is in a strong position to meet its overall targets for 2016."

Currently Mytrah has more than 210 wind masts installed across multiple states in India with a development pipeline of  3,000Mw of wind and 500Mw of solar.

Broker Mirabaud added the update was important on two counts.

“Firstly, we expect the additional capacity to provide a helpful boost to 2016 revenue and profitability.

“And secondly, given Mytrah’s history of overpromising on project timelines in years gone by, the fact the company has delivered ahead of schedule is a notable event and one that should help to build market confidence in future growth targets.”

'Buy' with a 125p target price is its view. Shares rose 1% to 50.9p.

--updates for broker comment and share price--

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