Mytrah Energy, one of India's largest independent power producers in renewable energy today announced that the installation of additional capacity at its Aspari project in Andhra Pradesh has taken its total wind portfolio energy capacity to 1000 MW (1 Gigawatt).
Commenting on Mytrah's milestone, Mr. Ravi Kailas, Chairman, said, "In just six years, Mytrah has covered an extraordinary distance and today marks the significant milestone achievement of one gigawatt of wind energy capacity. It gives me enormous pride to have reached this juncture after tireless work, preparation, planning and execution by everyone associated with Mytrah. I would like to again thank our employees, shareholders, vendors, investors and bankers associated with Mytrah for their continued support in delivering this milestone."
Elaborating on the key contributing factors to the milestone, Mr. Vikram Kailas, MD & CEO, Mytrah Energy said, "Three things help translate our plans into reality. First, we execute our plans in a rigorous manner. Whether in an under-construction project or a fund raising exercise, we really sweat the small stuff. Second, we actively support a culture of innovation. Several of our current practices started as 'garage experiments' within the firm. Third, we take a long-term view of the business and invest our resources accordingly. Some of these bets may seem quite contrarian but have proved to be right in the long term. Our industry-leading wind resource capability, for example, is the result of this approach."
Mr. Shirish Navlekar, Joint MD & CFO, Mytrah Energy, while commenting on the financial journey from the foundation of the company to its present milestone said, "With our first capital raise of Rs.320 crores in 2010-11, our journey started on a steady track, raising capital from highly acclaimed investors every year. With a collective loan book of 2500 crores in 2014 which helped us deliver 543 MW, we kept the momentum to reach a collective fund mobilization of over 10,000 crores including one of the largest refinancing transactions in the renewable space in India in next two years to complete our Gigawatt journey. Our success can be attributed to what we did differently. Keeping the focus on de-risking strategy and fundamental economics of the projects have been the primary contributing factors."
Source: Mytrah Energy
Date: Oct 21, 2016