Mytrah looks beyond delays to plan next 270MW of Indian wind
Alok Tripathi
September 30th, 2012

Mytrah Energy – one of the most ambitious wind developers active in India – claims to be making solid progress, despite delays and changes of plans in a market “where identifying and executing projects with attractive returns is becoming an increasingly difficult task”.

Mytrah has 316MW of capacity installed at seven projects in India, leaving it slightly behind the 337MW it forecast during its last update to investors in May. It expects to add another 24MW by the end of this year.

The UK-listed group remains well shy of the 400MW mid-2012 forecast it gave in March.

Despite this, Mytrah’s chief executive Ravi Kailas claims that the “slight delay in commissioning some of our assets” is offset by the better-than-expected operating performance of the wind farms it has in place.

Kailas says the revenue generated by the installed wind gives it “greater visibility” on the speed at which it can pursue its build programme – with the latest capacity estimate given as “over 600MW during 2013”.

Mytrah aims to reach that figure via 270MW of new generating capacity in the states of Karnataka, Maharashtra, Andhra Pradesh and Tamil Nadu.

Construction has started at the Tamil Nadu and Karnataka sites, with work in Maharashtra and Andhra Pradesh due to begin shortly.

The company says it is in “active discussions with several banks” and expects to wrap-up senior debt agreements for those projects by the end of 2012.

“Subject to securing this funding, these projects are scheduled to be commissioned in stages from April to September 2013.” They will benefit from positive changes to feed-in tariffs in various Indian states, it adds.

The company says it will “redeploy” its resources to boost its ability to finish projects on schedule. It has cancelled its 33MW project at Vita, Maharashtra, adding to a previously-announced group of developments that have been halted or scaled-back.

“The board had become concerned about possible delays at these sites and therefore decided to redeploy the group’s resources to sites where we have greater visibility on the execution timetables.”

Mytrah has agreements with India wind group Suzlon to build projects on a turnkey basis, and a separate deal with Spanish turbine supplier Gamesa for its self-development phase.

Mytrah will now outsource its balance-of-plant and project development team of about 170 employees to Bindu Urja Infrastructure – a company owned by Kailas – in a move it says will save it $10m.

This is to avoid a rapid growth of “three to four times” in the size of the team that would be needed to deliver the 270MW under its self-development strategy.

“The board believes would unnecessarily increase the group’s fixed cost base and have a resultant impact on group profitability,” says Mytrah.

The developer says it has allotments and concessions in western and southern India that total more than 5GW.

“About 500-700MW is at a very advanced stage and can be commissioned as early as in the year 2014. We plan to start construction at some of these locations in mid-2013 with a target to commission the assets by mid-2014,” Mytrah says.


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