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TIDMMYT
RNS Number : 9265Z
Mytrah Energy Ltd
23 March 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Press Release 23 March 2011
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
Pipeline Update
The Company is pleased to announce that its wholly owned Indian subsidiary, Mytrah Energy (India) Limited ("MEIL"), has entered into a new memorandum of understanding ("MoU") with the Government of Andhra Pradesh for the development of up to an additional 2,800 MW of wind capacity in that state. Under the terms of the MoU, it is intended that wind farms will be set up on areas which have been identified by the Company as having a strong wind potential. As a part of the MoU, MEIL will now have the exclusive rights to develop these wind sites for the next seven years.
With a technical potential for the state of Andhra Pradesh as a whole in excess of 11,000 MW and an installed base of only 150 MW, the Company believes that the state is set to become a major driver of growth for wind installations in India.
In addition, the state of Andhra Pradesh announced a policy for the Renewable Power Obligation ("RPO") and Renewable Energy Certificates ("REC") yesterday. The Company believes that these policies will accelerate the development of wind assets in Andhra Pradesh and the Company intends to take a lead in that expansion. The Directors believe that this MoU and the new state policy developments, in addition to the Company's previously announced pipeline, place the Company at the forefront of wind development in India.
Ravi Kailas, Mytrah Energy's Chairman and Chief Executive Officer, commented:
"We are happy to build on our association with Andhra Pradesh, an industrialised and wind rich state, to build 2,800 MW of wind projects. In addition, we are pleased that the state has announced a progressive policy for the new REC and RPO regulations.
Following our operational update, issued on 13 March 2012, regarding significant progress on the installation of our first 500MW, and this further pipeline development, I believe we are well positioned to become India's largest wind IPP during 2012."
Further information on the Company can be found at www.mytrah.com.
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For further information please contact:
Mytrah Energy Limited
Ravi Kailas, Chairman and Chief Executive
Officer +91 40 4396 0000
Strand Hanson Limited
Angela Peace / Paul Cocker / James Harris +44 (0) 20 7409 3494
Deutsche Bank
Drew Price / Rajat Katyal +44 (0) 207 545 8000
Mirabaud Securities LLP
Peter Krens / Rory Scott +44 (0) 20 7878 3360
Pelham Bell Pottinger
Charles Vivian / Philippe Polman +44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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