Bloomberg News

Mytrah Energy’s Wind Turbine Capacity Falls Short of Target

May 18, 2012

Mytrah Energy Ltd. (MYT) boosted its installed wind-turbine capacity in India to 224 megawatts, falling short of a goal to build 500 megawatts by June.

Mytrah plans to commission a further 113 megawatts in the next 60 days, bringing the total to 337 megawatts in states including Rajasthan, Gujarat and Andhra Pradesh, the Hyderabad- based company said today in a statement.

“There has been some slippage,” Gus Hochschild, a London- based analyst at Mirabaud Securities LLP, said in an e-mail to clients.

Mytrah said March 13 it planned to install 500 megawatts by June after signing contracts with Suzlon Energy Ltd. (SUEL) and Gamesa Corporacion Tecnologica SA. (GAM) The delay occurs as Mytrah speeds up plans in some states at the expense of others to match developments in the Indian wind market, Hochschild said. It abandoned wind initiatives in Tamil Nadu because of slower payments from the state electricity board, he said.

Mytrah also plans to hold development of its 79.9-megawatt Burgula project in Andhra Pradesh until an expected increase in tariffs for wind power in the state, according to the company. Mytrah expects tariff increases in Rajasthan and said three of its projects will gain from a rise in preferential rates for wind in Maharashtra.

The Global Wind Energy Council said in an April 2011 report that 13 state electricity regulatory commissions in the country’s 28 states declared feed-in tariffs for wind. The world’s third-largest wind market is seeking to boost renewables to meet demand where 400 million people are without electricity.

Mytrah, backed by Henderson Global Investors Ltd., Capital Research Global Investors and BlackRock Inc. (BLK:US), contracted Suzlon, India’s biggest turbine maker, to build projects that are ready to operate, or turnkey. In addition, it signed a turbine deal with Gamesa for 2,000 megawatts through 2017.

To contact the reporter on this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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