Mahindra Susten Invests Rs 1,200 Crore in 150MW Solar + Wind Project

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Mahindra Susten Invests Rs 1,200 Crore in 150MW Solar + Wind Project

Team FS

15/Apr/2024

Key Points:

Mahindra Group takes a significant step towards sustainability with a 150 MW hybrid renewable energy project.
Project, backed by global investor Ontario Teachers’ Pension Plan Board, to abate 420,000 tonnes of CO2 emissions.
The initiative marks Mahindra Susten's entry into the hybrid RE segment, contributing to India's 'Aatmanirbhar Bharat' vision.

Mahindra Group, a stalwart in India's corporate landscape, has reaffirmed its commitment to sustainability with a substantial investment in renewable energy. The conglomerate, known for its 'Planet Positive' ethos, is set to develop a 150 MW hybrid renewable energy project at an estimated cost of Rs 1,200 crore. This venture, spearheaded by Mahindra Susten, a key player in the renewable Independent Power Producer (IPP) domain, will see a collaboration with Ontario Teachers’ Pension Plan Board, a renowned global investor, as a strategic partner.

The project, a blend of solar and wind energy, is anticipated to generate around 460 million kWh of clean energy, contributing significantly to the reduction of carbon emissions. With an expected abatement of approximately 420,000 tonnes of CO2 emissions, this initiative underscores Mahindra Group's commitment to environmental stewardship.

Mahindra Susten's entry into the hybrid renewable energy segment marks a significant milestone. This project, touted as one of the largest co-located solar + wind hybrid ventures in Maharashtra, aims to cater to Commercial and Industrial (C&I) customers, providing them with sustainable energy solutions. With a commissioning timeline of two years, the project emphasizes the utilization of locally manufactured components, aligning with the vision of 'Aatmanirbhar Bharat' and fostering a robust domestic value chain.

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Dr. Anish Shah, CEO & MD of Mahindra Group, reiterated the company's dedication to sustainability and emphasized the project's role in advancing the transition to clean energy. The initiative not only aligns with global priorities for addressing climate change but also presents a compelling business case, highlighting the synergy within the Mahindra Group.

Deepak Thakur, CEO & MD of Mahindra Susten, expressed enthusiasm about the venture, emphasizing its potential to deliver clean, green power at competitive rates to large C&I consumers. This project, he believes, showcases the efficacy of hybrid renewable energy solutions in facilitating the transition towards environmentally conscious operations.

The automotive and farm businesses of Mahindra & Mahindra (M&M) are set to benefit significantly from this project. With a contracted capacity of approximately 41.20 MW of wind and 25.90 MW of solar energy, the initiative is expected to substantially reduce operational emissions. Veejay Nakra, President of Automotive Division at M&M, hailed the project as a win-win, aligning economic benefits with environmental sustainability and reinforcing the company's commitment to greener operations amidst its transition towards electric vehicles.

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Mahindra Susten Invests Rs 1,200 Crore in 150MW Solar + Wind Project

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