Indian renewable energy developer Mytrah Energy ’s (MYT) strategy of an accelerated build out of wind farm capacity through close relationships with turbine manufacturers and the funding community appears to be paying off. The company ended the nine months to December with 309.9MW of operating capacity across various sites in India, which it expects to virtually double to 600MW by the end of the current year, on track for management’s 1.5GW target by 2015.
Strong operating performance results in revenues of $38.9m (£25.22m) in the nine months to December compared with $6.97m in the 12 months to March 2012. Post tax profits came in at $12m against a loss of $2.8m in the previous period. The company’s financial year end has changed to match the wind season in India.
Since the year end, Mytrah has raised a further $203m from senior Indian debt providers, which will finance 238.2MW in new capacity. In the longer term, management says it has licences, concessions or agreements for up to 8GW of further projects.
