25 February 2015
Mytrah Energy Limited
("Mytrah" or the "Company")
150MW Capacity Expansion Secures Project Finance
Mytrah, the India-based renewable focused Independent Power Producer, is pleased to announce it has signed an INR 8,527.80 million ($137.50 million) long-term loan agreement ("the loan") with a leading Indian financial institution.
The loan will be used as long-term project finance debt in building 150MW of wind power, which is now fully financed and expected to be on stream in the next 12 months, ahead of India's 2016 wind season. With the Company's current capacity at 543MW, this project will take Mytrah beyond 690MW. Additional projects in development are expected to add further production capacity for the 2016 wind season.
The Company is also pleased to announce it has secured the rights to build a 220MW project with the Government of Andhra Pradesh, adding to its existing 3500MW active pipeline.
The Memorandum of Understanding (MoU) for the project in Andhra Pradesh was signed at the RE-INVEST conference, India's first renewable energy investors meet and expo. This Government sponsored event saw Prime Minister Narendra Modi reinforce his commitment to a target of 170GW of renewable energy in India by 2022, building from a base of 34GW today.
Commenting on today's update, Ravi Kailas, Chairman and CEO said: "I am delighted to announce the loan today, which underpins our next 150MW of wind power production in India, taking us over 690MW. In the past 4 years, Mytrah has created a business operating 543MW of wind power in 6 States. With expertise across the full value chain and a 3500MW development pipeline, we are ideally positioned to deliver a substantial part of the rapid expansion envisaged by the Government of India."
For further information please visit www.mytrah.com or contact:
Mytrah Energy Limited
Ravi Kailas / Bob Smith +44 (0)20 3402 5790
Investec Bank plc
Chris Sim / Jeremy Ellis +44 (0)20 7597 5970
Mirabaud Securities LLP
Peter Krens / Rory Scott +44 (0)20 7878 3360
Yellow Jersey PR Limited
Anna Legge / Philip Ranger / Dominic Barretto +44 (0)77 47788221
About Mytrah Energy Ltd.
Mytrah Energy Ltd. (AIM: MYT) is one of the largest wind focused independent power producers ('IPP') in India, with 543MW operating today in 10 projects across 6 States. The Company has 172 wind masts installed across multiple States in India, providing a rich source of information from which to select its future projects. Mytrah currently has an active development pipeline exceeding 3500MW.
This information is provided by RNS