Highlights
· Maiden interim dividend paid;
· New debt repayment schedule for Gujarat – maturity extended by 10 years resulting in a total £67 million reduction in principal repayments through FY17- FY21, interest rate unchanged;
· Generation 3.4 billion units up 53% on corresponding nine month period in the prior year;
· Average load factor expectation for FY17 unchanged – Chennai 76% and Gujarat 65%;
· Average tariff billed for nine months – Rs 5.33/kWh at Chennai and Rs 3.89/kWh at Gujarat; and
· 62 MW Karnataka solar project – debt financing secured for 40 MW, land being acquired, EPC shortlisted – on track for commissioning in 2017.
Arvind Gupta, Chairman, commented:
“Our business model has demonstrated its operational resilience and competitive position and we are particularly pleased to have paid our first interim dividend whilst continuing to make debt repayments and progressing our renewables program. The new debt schedule at Gujarat should give us further balance sheet flexibility as we continue to focus on maximising our assets.”