Mytrah Energy to add 500-1,000 MW annually
Hyderabad : Renewable energy company Mytrah plans to add 500 MW to 1,000 MW every year of wind and solar power, a top company official said. Mytrah's current portfolio of 2,000 MW should be fully operational within the next few quarters, Vikram Kailas, Chief Executive Officer of Mytrah Energy told media.
"The exact amount of capacity we sign up for will depend on the kind of opportunities that present themselves. We have always believed that each project that we take up should be independently viable. We will continue to use the same yardstick going forward even if this results in lower capacity addition in a given year," he said.
The firm, listed on the AIM of London Stock Exchange, has 1,500 MW of projects in wind and 500 MW in solar. The company had forayed into solar about two years. The company will remain equally focussed on wind and solar energy.
"We may end up doing more wind projects in one year and more solar projects in another depending on where the opportunities present themselves," he said. He believes the Indian renewable power sector is going through an interesting phase.
"The sector has seen a dramatic fall in prices over the last few years culminating in the sub-Rs 3 tariffs in auctions held a few months ago. This meant that the industry had reached a stage where tariff for renewable power was clearly lower than for power produced from coal, gas and other conventional sources," said Vikram.
He is of the view that recent SECI bid for 5MW project indicates that the sector is maturing. The current year has seen a dramatic slowdown in the commissioning of new wind capacity.
"However, these are minor blips on a path with a clear, upward trajectory. We are very confident about the long-term prospects of the Indian renewable power sector," he said.
Kailas will be speaking at Global Entrepreneurship Summit (GES) at a session titled 'Getting on the Grid' which will focus on providing energy solutions to communities living off the grid.