Mytrah set fair for Indian wind and PV after year of growth

Indian developer Mytrah claimed it is well placed to benefit from the country’s burgeoning renewables sector as revenue rolled in from an operating wind base that hit 1GW by the end of last year.

London-listed Mytrah added 417MW of wind in 2016, as well as further increasing its growing solar pipeline with power deals that brought the total to 480MW.

Mytrah posted revenues of $362m for the full year, a 63% increase on 2015’s figure on a directly comparable basis.

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Profits grew to $128m from $66m before interest, tax, depreciation and amortisation (Ebitda) while underlying pre-tax profit was $4.76m, up from a year-earlier $2.15m.

Since the financial year ended Mytrah has emerged as one of the winners in India’s first competitive wind auction, securing 250MW of the 1GW on offer.

The company is one of the most active developers in the country as India pursues 60GW of wind and 100GW of solar by 2022.

Chairman Ravi Kailas said: "I am delighted with these results, which show just how far Mytrah has come in only 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 to drive our Ebitda up 70% from last year on a directly comparable basis. India also experienced better wind conditions in 2016, which led to a 7% increase in power production on a like-for-like basis.”

A key part of Mytrah’s success is its finance strategy, which helped it to raise $1bn last year for refinancing or future growth, said Kailas.