Mytrah sees path past 1GW in India

Indian wind developer Mytrah said it remains on course to take advantage of changes in the country’s power sector, despite apparently tempering previous forecasts for its capacity build over the next few years.

Releasing its full-year results for 2013, London-listed Mytrah told investors its access to land, relationships with a variety of equipment suppliers and ability to raise domestic finance all help it to keep costs under tight control – and mean it is set fair for continued growth beyond the 460MW currently in operation.

Mytrah said a further 88MW is in the final stages of construction and will be up and running “before the start of the 2014 Indian wind season”.

Chairman and CEO Ravi Kailas said: “We believe that we will create significant shareholder value during the next two years as we reach an operating portfolio of over 1GW of wind assets in India.”

At the same stage a year ago, Mytrah specified it was aiming for 1.5GW “during 2015”. There was also no mention in the latest results release of previously-announced plans to seek a listing on the Singapore stock market for its wind assets.

Mytrah hailed big positives such as the reinstatement of the Generation-Based Incentive (GBI) and the continuing generation gap in India – which it said would remain for “many years to come” and which wind is well-placed to help redress.

The deficit and the increasing cost of coal generation is helping to push up wind tariffs in India, added the developer.

Mytrah said it is "diversifying our development and asset management risk", commissioning capacity from Gamesa and ReGen Power, adding to its long-standing relationship with Suzlon.

Extra capacity helped Mytrah pull in revenues of $51m in the 2013 full year, with earnings before interest, tax, depreciation and amortisation (Ebitda) of $46.5m.

The company restated its previous year’s results to cover the nine months ending December 2012, making direct comparison difficult.

Its net profit for 2013 was $6.9m, compared with a $12m in the nine months prior.