Closing power purchase agreements for over 422 MW of solar photovoltaic power project portfolio and securing finance for 237 MW, renewable energy company Mytrah Energy Ltd. expects to achieve an installed capacity of about 1400 MW by next year.
Last year, the Hyderabad-based company, which had been focussing on wind energy projects, announced its entry into the solar power sector.
Since then it has bagged a number of projects across Telangana and Punjab and firmed up finances and supply orders.
Updating the company performance for the first six months ended June 30, Ravi Kailas, Chairman of Mytrah Energy, said: Our new solar business has made sound progress during the period and has secured long term PPAs for 422 MW to date, of which we have achieved financial closure for 237 MW. The company has also signed contracts with suppliers for 172 MW solar modules and 150 MW solar inverters. We look forward to the solar projects progressing through to construction once regulatory and land approvals are completed.
The company added 295 MW of wind energy projects, taking the capacity to 877.9 MW as of June. Thereafter, Mytrah added additional capacity to take it to 917 MW, which is expected to go up further by 87 MW to head past the one giga watt (1,000 MW) mark.
Mytrah Energy has also seen its revenues for the first half going up by 52 per cent to $49.66 million as against $32.59 million same period last year. The company has cash and bank balances of $32 million.