Mytrah Energy Limited, a subsidiary of the privately-owned Mytrah Group, was placed on the AIM segment of the London Stock Exchange in 2010 raising $80 million from institutional investors. The company operates through a wholly owned subsidiary, Mytrah Energy (India) Pvt, which primarily constructs, owns and manages wind farms in India. Some solar farms were added in 2016. The projects are a combination of turn-key and in-house with power sold mainly to state distribution companies but also direct to industrial concerns. The company has raised over $1 billion indebt in order to reach a wind capacity of 1000 MW in October 2016 with a long-term goal for a total renewable capacity of 3500 MW.
Exchange: London AIM (MYT)
Financial Data from Exchange website: LSE summary
Financial Report: Half year to 30 June 2016
Further Information: Mytrah’s plans to own and operate 3.5GW of renewable power have to be seen in the context of India’s ambitious plans to reduce its dependence on coal and imported oil. In January 2015 the Indian government announced a target of 175GW of renewable power by 2022, with 100GW solar, 60GW wind and 15GW biomass and hydro. After the Paris Agreement in October 2015 the government agreed that non-fossil fuels would account for 40 per cent of total energy capacity by 2030 – corresponding to about 300GW of renewable power. To overcome some of the difficulties in reaching these targets, such as availability of land and limitations of the electricity grid, Mytrah see several opportunities: “repowering” (replacing older wind farms with newer more powerful models); hybrid sites with both wind and solar; and a change of focus from utility-scale projects to corporate customers.
Contact Details: Mytrah Energy Limited, Ground Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 2HT
Chairman: Ravi Kailas
CEO: Vikram Kailas
Fields of interest: Wind, India