India based Mytrah Energy to branch into solar power

6th Aug 2015 16:28

(ShareCast News) - Renewable power producer Mytrah Energy said in a pre-AGM update it would move into solar power, and thought it had won contract in India.Shares in the AIM listed stock were flat, losing 0.2% to 79.84p by 1633 BST.Mytrah said it wanted to take advantage of Indian government targets to up solar power output and had entered into a number of state solar bids."As the cost of solar has now fallen toward parity with other technologies, we believe that it offers a strong diversification opportunity for Mytrah, provided that it does not compromise our returns," the company said in a statement.The company believed it may have won rights to connect a substantiation portion of a 350MW contract in Telangana, in Southern India.Mytrah said it was awaiting a formal response for whether it won the contract to provide power over 25 years at a fixed tariff.The company said it had commissioned 14.5MW of new wind capacity in 2015, bringing its total wind capacity to 543MW.Mytrah still planned to bring a further 200 megawatts of power online before the 2016 wind season, which runs from April to November.