Mytrah Energy to add 300 mw by next year at Rs 20 billion
Mytrah Energy said it will add 300 mw wind power to the existing 527 mw by the end of next year entailing Rs 2,000 crore investment. The investment for additional power generation will be in the range of Rs 2,000 crore which will be raised through internal sources, said Ravi Kailas, Chairman of Mytrah that is listed on AIM (a sub-market of the London Stock Exchange). "We will be adding another 300 mw by the end of next year. That should make us the largest wind power generating company in India," Kailas told reporters at a press conference here. "We have internal accruals that would allow us (for the capacity addition). We are already executing these projects in Maharashtra, Rajasthan and Andhra Pradesh," he added.
Replying to a query, he said renewable energy developers are paid less than what the coal-based power companies are paid. The growth will be much better if the government makes the price more remunerative. Mytrah'smanaging director Vikram Kailas said that by and large policies of Maharashtra, Rajasthan and Madhya Pradesh are good and Karnataka has a fantastic policy for wind energy. "Andhra Pradesh has good policy but not a fantastic policy," Ravi Kailas said. The company clocked Rs 350 crore revenue in the last financial year, 2013-14. Meanwhile, Mytrah said it has tied up with Startup Village, Indian Angel Network and Villgro to take forward the "Inspiring Solution", the company's social initiative. Through this partnership, participant with the best entrepreneurial idea in a competition, that is currently underway, will get USD 100,000 to set up the enterprise.