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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020