Mytrah Energy reports $362.23 mn in revenue

Mytrah Energy Ltd, announced results for the year ended December 31, 2016. The company reported full year revenues of $362.23 million, an increase of 385 per cent, over last year’s revenue of $74.72 million. The increase is due to a combination of higher revenue from power generation and inclusion of construction revenue. The company reached 1 GW of wind power generation capacity by adding 417 MW wind projects in just one year.

In the year gone by, the renewable power producer entered into PPAs for 140 MW of solar capacity, bringing the total to 422 MW AC in Telangana, Punjab and Karnataka. The company moved its new solar business into the construction phase by initiating solar projects in Telangana and Punjab and has secured close to $1 billion of financing during the year.

Commenting on the results, Ravi Kailas, Chairman, Mytrah said "the results clearly reflect the growth Mytrah has seen in a span of 6 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 drive our EBITDA up 70 per cent from last year on a directly comparable basis.”

Talking about Mytrah’s goals for the near future, Kailas said “We want to build on what we've already successfully achieved. but also have to respond quickly to capture opportunities presented by changing markets and technologies.”