Mytrah Energy powers ahead as first solar plant commissioned

India-based independent renewable power producer Mytrah has begun generating energy from its first solar plants in Punjab and Telangana.

The AIM-listed company announced that 53 megawatts of solar capacity was operational at the plants. This, in addition to the 65 megawatts of new wind power took the company's total installed capacity to 1,119 megawatts.

A further 624 megawatts of wind and solar plants are currently under construction.

Mytrah stated that the first half had seen wind in line with its expectations across the portfolio, with energy sale revenue increasing almost 60% over the time period by virtue of increased capacity.

Commenting on the update, Ravi Kailas, chairman and CEO, said, "I am very excited to be announcing our first operating solar capacity. This is a major milestone for the company and adds further diversification to our revenue streams."

The company has an active development pipeline of nearly 4,000 megawatts of wind and solar projects across multiple Indian states, according to Kailas putting it in prime position to be a "large-scale utility business with strong, stable cash flow and tremendous growth prospects."

As of 1215 BST, shares for Mytrah had gained 12.28% to 32.00p