Call +1(917) 993 7467 or connect with one of our experts to get full access to the most comprehensive and verified construction projects happening in your area. Close Section


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

Last Updated on 16th April 2024

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.


Find Renewable Power
Projects and Tenders in India Get Started Now!


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.


Read: Hartek Group Secures 300 MW Solar PV Project in Rajasthan


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.


Read:  Adani Group to Invest $27 Billion for Renewable Energy Manufacturing Capacity


Looking for More than Generic Information on Renewable Energy Projects in India?

Subscribe to Renewable Energy Projects in India

to get access to reliable and high-quality insights on upcoming, in-progress, and completed desalination plant projects across the world or in your desired geographical location.


Our user-friendly platform provides essential details, timely updates, key stakeholder contact information, and business opportunities tailored for engineering companies, industry professionals, investors, and government agencies.

Start a free demo to take your business to the next level

How can we help
you today?