(Bloomberg) — Mytrah Energy Ltd., a developer of clean-power projects in India, plans to invest $150 million to build
two onshore wind farms in the country this year.
The developer, listed on London’s Alternative Investment
Market, is already talking with debt providers on the projects,
Bob Smith, executive vice president of London-based Mytrah, said
in an interview in the capital. It plans to add 1,500 megawatts
of capacity by 2016 and will consider buying projects and
raising money to enable it to build facilities faster.
“In India the biggest need is new power as power-consumption growth is very high,” Smith said. “We can build
wind farms in India without subsidies that produce power that’s
cheaper than fossil-fuel alternatives such as coal.” That means
suppliers choose wind over coal.
At the same time as building out capacity in the Asian
nation, Mytrah is talking to equipment manufacturers on tying up
to “expand the local supply chain,” he said. The company can
provide access as it already has a presence, Smith said.
The government in November said it planned to more than
double the share of renewables in the mix of fuels it consumes.
That means wind and solar may account for 15 percent of India’s
energy supply in the next five years, from about 6 percent now.
While the returns from solar power don’t currently match
those from wind, Mytrah is watching the industry closely and may
participate as returns improve, Smith said.
Mytrah is studying ways to expand its business including
buying Indian assets from companies based elsewhere and raising
capital, possibly through selling its ownership in existing
projects. “Institutions such as pension funds and insurance
companies are increasingly looking for the predictable income
generated by renewable energy projects,” Smith said.
To contact the reporter on this story:
Louise Downing in London at
To contact the editors responsible for this story:
Reed Landberg at
Tony Barrett, Ana Monteiro