Mytrah Energy performing in line with expectations

19th Dec 2016 08:42

(ShareCast News) - India-based power producer Mytrah Energy is performing in line with expectations as construction on several projects progresses with financial closure having achieved for 377 megawatts.The solar business gained long-term power purchase agreements for 422 megawatts, of which the company has achieved financial closure for 377 megawatts, while construction and further land acquisitions are underway.The AIM-listed company said that it its wind portfolio, which currently stands at 1,000 megawatts, is performing "well technically" as some plants were "exceeding expectations".Production is higher than last year due to a good monsoon season in India as well as strong asset performance and additional capacity coming into operation.Chairman Ravi Kailas said: "I am delighted to report that we are on track to achieve the expectations for the current calendar year as set out at the time of our 2015 results in March 2016. While we continue to grow our renewable energy portfolio, we will remain selective and focused on maintaining a balanced portfolio that maximises value for our shareholders."Shares in Mytrah Energy were up 1.86% to 33.87p at 0856 GMT.