Mytrah Energy conditionally acquires additional wind power

India-based power producer Mytrah Energy has announced a conditional agreement to acquire 59.75 megawhatt (MW) of existing operational wind power assets in the Indian States of Tamil Nadu and Maharashtra.

India-based power producer Mytrah Energy has announced a conditional agreement to acquire 59.75 megawhatt (MW) of existing operational wind power assets in the Indian States of Tamil Nadu and Maharashtra.

The assets have on average an age of less than 12 months, and comprise turbines from Gamesa, ReGen and Enercon.

The acquisition is expected to be completed during April of this year, bringing the group's total portfolio of operational assets to 370 MW.

In a statement the group said: "The proposed acquisition has enabled Mytrah Energy to better optimize the use of its development budget and cash resources, by allowing an increase in its total asset base to 370 MW from the previously expected 334 MW going into the 2013 wind season.

"The effect of the proposed acquisition will result in Mytrah Energy having more operational assets throughout the 2013 wind season than forecast in December 2012 whilst still anticipating a total of over 600 MW fully connected and operational assets in 2013."

As a result of the acquisition, Mytrah has now repositioned the timing of some of its development pipeline and it has discontinued its interest in the 24 MW project at Gotne in Maharashtra, at no cost to the company.

The 31.25 MW project at Sautada in Maharashtra that formed part of the 270 MW, previously announced for delivery in 2013, will be moved into the 2014 - 2015 development pipeline.

The group also announced that total senior debt for the 2013 projects is now equivalent to $203m dollars and will be drawn down during the course of 2013 as the assets are constructed and commissioned.

Mytrah also announced a change to the year-end, from March to December, to reflect the Indian wind season.

The share price rose 6.75% to 87p 09:15 on Wednesday.

NR

Recommended

Share tips of the week – 28 January
Share tips

Share tips of the week – 28 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
28 Jan 2022
Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022