Mahindra Group to Invest $150 Million for Renewable Energy Projects in India

The Mahindra Group plans to invest USD 144 million to establish solar and wind energy projects in India. Mahindra Susten, the group's renewable energy unit, will develop the projects, which will have a hybrid capacity of 150 MW. This initiative is part of a strategic partnership with the Ontario Teachers' Pension Plan Board, one of Canada's largest pension funds.

In addition to the initial investment, Mahindra & Mahindra will acquire a 26% stake in Gelos Solren, its solar power generating unit, for USD 4.8 million. This acquisition brings the combined investment to nearly USD 150 million. This investment comes at a crucial time for India, the world's third-largest greenhouse gas emitter, as it strives to boost its non-fossil capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030.

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This ambitious goal follows the country's missed target of installing 175 GW of renewable capacity by 2022. The Mahindra Group's investment aligns with its aim to adopt 100% renewable energy by 2030. According to its 2022–23 annual report, wind power was used for nearly two-thirds of Mahindra & Mahindra's power needs.

In another development, Mahindra Susten Private Limited recently secured a 300 MW solar project in the NTPC 1500 MW Solar Tender bid. The secured project has a quoted tariff of 2.59, with NTPC Limited as the off-taker. As part of the agreement, NTPC is poised to formalize a 25-year Power Purchase Agreement with Furies Solren Private Limited, a Special Purpose Vehicle (SPV) of Mahindra Susten. These renewable power projects will play a pivotal role in the Indian solar and wind markets.

About Mahindra Susten Private Limited

Mahindra Susten, formerly known as Mahindra EPC Services Pvt. Ltd., is a part of the Mahindra Group. It is a leading company in the renewable energy industry in India.  Mahindra Susten provides a comprehensive range of efficient and integrated, sustainable green energy solutions. It harnesses the power of renewable energy assets to benefit the planet and its people. The company has commissioned over 556 MWp to date and has over 450 MWp under execution.

The company is focused on developing projects centered on solar energy, hybrid energy, and Round the Clock (RTC) projects integrated with energy storage solutions. It aims for a remarkable 5x growth in the upcoming years. For more details regarding the upcoming renewable projects of Mahindra Susten, explore our database.

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