Mytrah Energy targets 600MW capacity

5th Jun 2013 13:33

India's largest wind power producer Mytrah Energy expects to increase its capacity to 600 megawatts (MW) by next year. The company reported a capacity of 310MW at December 31st but has plans to add to its assets in India, where there is a significant demand for energy. The group is targeting a 5,000MW operating capacity by 2017 as it continues to acquire land assets to support future roll out plans and develop wind farms. In March, the Mytrah agreed to acquire 59.75MW of wind power assets in the Indian States of Tamil Nadu and Maharashtra which was expected to increase its capacity to 370MW.A further 238.2MW of expected capacity is currently under construction and will be commissioned in 2013 and a further 567.5MW will be added by the end of 2014.Executive Director, Alastair Cade, said he anticipates the firm will achieve revenues between $120m to $125m based on its 600MW goal. He said Mytrah has no plans to expand outside of India as it was focused on retaining its leading position in the country."We have the advantage of being the first into the market in India," he told Sharecast."The business model we have has been very cash generative," he added. The group has seen its market capital grow from £80m to £178.36m since it joined the London Stock Exchange in 2010. At September 2012, the group reported revenues to $30.72m and pre-tax profit of $12.23m.